Meiji Yasuda to Lift Wages by Average 5% Following Official Push

Meiji Yasuda Life Insurance Co. will raise wages by an average of 5% for all of its 47,000 employees in the fiscal year starting April, following a government-led campaign to increase pay in Japan so that consumers can better cope with nascent inflation.

It’s the second straight year that the Tokyo-based company increased wages for its 11,000 internal staff that cover areas including planning, investment and office work, according to a spokesperson. For the insurer’s 36,000 sales staff, it’s the fourth year in a row of pay increases.

The Bank of Japan is set to decide on its interest-rate policy ...