Cybozu Inc., a Japanese provider of enterprise software, will pay out a special allowance to employees around the world to help them deal with sustained inflation.
Rapid price rises in countries where Cybozu operates, including Japan, the U.S. and Australia, have been severe enough to make annual salary increases insufficient, the company said on Wednesday. Employees will receive a special lump sum payment, which will be anywhere from ¥60,000 to ¥150,000 in Japan and adjusted for locality elsewhere.
Inflation pressure has manifested even in Japan, a nation famous for its stubbornly anemic growth rate. The unusual measure from Cybozu comes in the wake of major retailers increasing their prices in the country, accounting for a weaker yen as well as higher costs of production and shipping. Apple Inc. recently hiked local iPhone prices by as much as 25% and Calbee Inc., a major producer of snacks, plans major price bumps in September.
Cybozu has close to 1,000 employees worldwide and develops a collaborative business platform known as Cybozu Office. The company had sales of ¥18.5 billion ($135 million based on current exchange rates) in the prior fiscal year, according to its filings.