After three years of self-denial, Toyota workers in Japan want to see some dough.
Emboldened by Toyota's fat profits, Toyota's union plans to seek a boost in base pay during spring's annual contract talks, says the Nikkei Net news service.
The union didn't ask for a base pay increase in 2003, 2004 or 2005, citing Japan's economic deflation and worries about competition with workers from China and other low-wage nations.
Instead of raising base pay, Toyota has given generous half-yearly bonuses to production workers and office employees. This year's winter bonus, for example, will be 1.76 million yen, or about $15,100 at current exchange rates, up 3.5 percent from last year. That's the average bonus for a 35-year-old full-time employee with a college degree making an average annual salary of about $69,600, according to an article in a Japanese magazine.
Toyota has posted higher net profits in each of the last three years. Its net profit for the fiscal year ended March 31 of $10.91 billion dwarfs that of any other carmaker.