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Sumitomo Mitsui Bank to Raise Starting Pays for New Graduate Recruits

2, 05. 2007

Sumitomo Mitsui Banking Corp. disclosed on January 15, 2007 that it was planning to raise the initial salaries for graduate workers newly joining the bank in April. This was reported by the Jan. 16 issues of the economic daily Nihon Keizai Shimbun and other newspapers. It would be the first revision of the pay scale in 14 years since 1993 (then the pre-merger Sumitomo and Sakura banks). The initial salary for managerial workers recruited after graduating from four-year universities (950 in number), which had been unchanged at 174,000 yen per month until last spring, would be increased by 31,000 yen to 205,000 yen. For general workers (475) would be raised by 21,000 yen to 195,000 yen. Japanese mega banks have paid back borrowings from the public funds, and they are making better income reporting. While the business conditions for major firms are continuing to improve, the bank is understood to have decided to offer better starting pays that have been kept at the same level for a long time in order to attract fresh capable workers.

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