일본 임금정체의 요인 분석과 정책적 시사점 (What’s up with Wage Growth in Japan?)

Abstract

Korean Abstract: 2012년 말부터 최근까지 일본에서는 약 400만 개의 일자리가 창출되었고 실업률도 크게 하락하는 등 고용사정은 대폭 개선되었지만 임금은 기대만큼 오르지 않고 있다. 이 보고서에서는 고용여건 개선에도 불구하고 일본에서 임금정체가 지속되고 있는 요인을 다각적으로 분석하였다. English Abstract: Beginning from the end of 2012 and up to recently, approximately 4 million new jobs have been created in Japan and the unemployment rate has fallen to the low 2% range, showing a great improvement in employment conditions. At the same time, however, the average wage level of workers remains at pre-1997 levels. In this study we analyze the reasons why wage levels remain stagnant in the Japanese economy. Our analysis reveals the following reasons. The first is a change in the composition of the Japanese workforce. Female workers, elderly workers, and non-regular workers, who on average receive lower wages, now represent a larger proportion of the workforce and employment has increased in industries with lower wage levels. For instance, the percentage of female employees has increased from 32% in 1970 to 45% recently. The shares of non-regular workers increased from 20.2% in 1990 to 37.6% as of the 1st quarter of 2018. On average, non-regular workers and part-time workers receive 67% and 75% of the wages of regular workers, respectively.