The downturn -- with all the job losses -- has hurt leverage of unions.
Toyota, Honda, Nissan Reject Requests for Higher Pay(Bloomberg) -- Toyota Motor Corp. and Honda Motor Co., Japan's two largest carmakers, rejected union requests for higher pay, as falling car sales and a stronger yen hurt earnings.
Toyota turned down the union's demand for a base wage increase of 4,000 yen ($41) a month, it said in a statement today. Union wage requests to Nissan Motor Co., Japan's third- largest carmaker, were also rejected. The three companies also rebuffed bonus amounts requested by the unions.
Japanese automakers have slashed jobs, production and profit forecasts as the deepening recession pushes demand for new vehicles to their lowest in almost three decades. Toyota, the world's biggest carmaker, is trying to hold down costs after forecasting its first loss in 59 years amid the worst economic crisis since the Great Depression.
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