EconomyCorrection of “Employees remuneration” survey by 700 billion yen

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The Cabinet Office revised the index “Employee remuneration” after the monthly labor statistics survey issued by the Ministry of Health, Labor and Welfare’s was deemed inaccurate by stating an increase of 700 billion yen when looking at the fiscal year reports.

The Ministry of Health, Labor and Welfare’s Monthly Labor Survey on Wages and Labor was conducted inappropriately and the detailed information from 2012 onwards will be republished after the correction.

According to the survey, in FY2016 Employees’ remuneration increased from 270.5 trillion yen to 271.2 trillion and in FY2017 the numbers grew from 275 trillion 600 yen to 276 trillion 300 billion yen, which means that they increased by 700 billion yen. 

However, “Employer compensation” is not used to calculate GDP = Gross Domestic Product, so it does not have any impact on GDP itself. 

Mogi economic revitalization minister said at a press conference after the Cabinet meeting: “Although the results of the calculations from the Ministry of Health, Labor and Welfare are reflected in the statistics of the Cabinet Office, there is no major influence that will affect the trends and the economic judgment”.

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