Nippon Steel to set aside 5 bln yen to raise bonuses
TOKYO Oct 30 (Reuters) - Nippon Steel & Sumitomo Metal Corp , the world's second-biggest steelmaker, said on Wednesday it will set aside 5 billion yen ($51 million) to increase staff bonuses next year as its business prospects improve.
Executive Vice President Katsuhiko Ota said average bonuses next year will rise between 20 and 30 percent from this year, as the company expects profit to rise following its merger with a rival last year. Nippon Steel on Wednesday also reported a net profit of 115.58 billion yen for the six months ended Sept. 30, swinging from a loss a year earlier.
Ota declined to comment when asked whether base salaries would be increased, saying unions have not made a formal request on wage hikes.
The government of Prime Minister Shinzo Abe has been urging Japanese companies to increase their employees' pay as it tries to end more than a decade of deflation in the world's third-largest economy. ($1 = 98.0900 Japanese yen) (Reporting by Yuka Obayashi; Editing by Aaron Sheldrick and Chris Gallagher)
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