Cost of living: Uniqlo to raise pay in Japan by up to 40%

The owner of Japanese fashion chain Uniqlo says it will raise the pay of staff in its home country by up to 40%

Fast Retailing says the new pay policy will apply to full-time employees at its headquarters and company stores in Japan from the beginning of March, Qazet.az reports.

Last week Japan's prime minister called on firms to put up wages to help people struggling with rising prices.

It comes as salaries in the country remain flat even as inflation is going up at its fastest rate in decades.

The company said it made the move "in order to remunerate each and every employee appropriately for their ambition and talents, as well as increase the company's growth potential and competitiveness in line with global standards."

"In Japan especially, where remuneration levels have remained low, the company is significantly increasing the remuneration table," it added.