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Japan and its progress in making digital salary payments

Japan and its progress in making digital salary payments

The government of Japan is preparing a system for the Business of this country make payments of wages digitally by spring 2023.

The objective is that these salaries are deposited through smartphone payment applications without going through the bank accounts of the workers.

The innovative measure aims to resolve the “complex problems” facing foreign workers in this country, expanding the financial services market and deregulation, and spurring economic growth.

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However, a survey carried out by Works Human Intelligence of 247 companies found that, of this total number of respondents, only 30% would be considering implementing digital salary payment.

This low percentage supports the fact that the obstacles would be the operating and system costs together with the increase in employee working hours.

Despite this, at World Economic Forum (WEF, for its acronym in English) maintains that the potential benefits of digital payment of salaries is the reduction of administrative expenses linked to the payment of payrolls and makes it easier for foreign workers not to open a bank account, which is complicated.

It should be noted that in 2018, the Ministry of Economy, Trade and Industry (METI) of Japan proposed that by 2025 cashless transactions should increase by 40% and 80% in the future; in addition to reducing labor shortages, regional revitalization and improving productivity.

In this same year, a study prepared by the Council for the Promotion of the Use of Cash indicated that the Asian country went from 13.2% in 2010 to 32.5% in 2021 in making digital payments.

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Source: Gestion

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