Japan’s Fast Retailing said Wednesday that it will raise the starting monthly salary for new employees by 10% to ┬е330,000 from March 2025, taking their annual pay to slightly over ┬е5 million.
The operator of the Uniqlo casual clothing stores said that it wants to attract talented university graduates in a bid to reinforce the company’s global competitiveness and growth potential.
For store managers in their first or second year at Fast Retailing, the monthly salary is set to increase to ┬е410,000 from the current ┬е390,000. Their annual pay will rise about 5% to ┬е7.3 million.
Fast Retailing will also introduce a new remuneration system for its domestic personnel, lifting salary table figures for full-time headquarters and sales employees by up to 11% depending on the results of assessments of their skills and ambitions. Employees selected or promoted to key positions would enjoy a rise of up to 54%.
Fast Retailing had revised the remuneration system for its employees in Japan in the year to Aug. 31, 2023, boosting pay by 4 to 40% depending on the results of evaluations.
Chairman and President Tadashi Yanai said the company will continue reassessing remuneration and other aspects of the organizational structure to contribute to “a virtuous cycle of growth and salary increases.”
