(Bloomberg) — 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 US 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 about $440 to $1,100 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., Japan’s answer to Frito-Lay, plans major price bumps in September.
Read more: Japan’s Economic Recovery Seen Weaker With Sticky Inflation
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 yen ($135 million) in the prior fiscal year, according to its filings.
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