Japan’s ‘Premium Friday’ aims to curb overwork and spur consumer spending
A government-orchestrated campaign encouraging workers to leave the office early once a month kicked off yesterday, with retailers and restaurants holding events aimed at people departing work before the usual close of business.
The “Premium Friday” initiative, which promotes a 3 p.m. end to the workday on the last Friday of each month, is aimed at shoring up tepid consumption and winding back the traditional Japanese practice of long working hours amid growing concerns about “karoshi,” or death from overwork.
Travel agencies are launching two-nightstay tour packages for those who leave the office early on Friday afternoon, while department stores and restaurants are gearing up to offer discounts and special menus to customers.
But companies that are viewing the campaign as a good business opportunity are ironically faced with a dilemma — if they try to boost sales on the day, their own employees might have to put in longer hours.
People working for real estate and insurance firms have also expressed concern that if they are forced to return home early, they would lose time communicating with their customers, dragging down the performance of their section.
“We have no plan to follow a Premium Friday policy. We’re a service provider,” said Mayumi Ataku, chief of public relations at Zensho Holdings Co, one of Japan’s biggest restaurant operators.
Economy, Trade and Industry Minister Hiroshige Seko acknowledged that workers in some industries would become busier than usual in the wake of the campaign.
“I want each industry to come up with ideas (to cut working hours), such as taking a weekday off in shifts,” he said.
The Premium Friday initiative — which took its cue from Black Friday in the United States, the annual shopping campaign following Thanksgiving — is being promoted by Prime Minister Shinzo Abe’s administration and business lobbies.
Company and government employees are being encouraged to finish work around 3 p.m. or 4 p.m. on Premium Fridays so they can spend more money on shopping, dining and other leisure activities.
“The campaign is expected to boost consumer spending — accounting for nearly 60% of Japan’s gross domestic product — by up to 63.5 billion yen ($560 billion) per year,’’ SMBC Nikko Securities Inc said.
In the wake of the three-percentage-point consumption tax hike to 8% in April 2014, private spending has been lacklustre in the country. Household spending, a key indicator of consumption, fell for the 10th straight month in December.
The initiative has also started as much media attention has been focused on excessive work hours since the suicide of a 24-year-old employee of advertising giant Dentsu Inc in December 2015 due to overwork.
Aiming to rein in overwork and improve the working environment, Daiwa House Industry Co said late last month that it would allow about 19,000 of its full-time and part-time employees to leave the office in the afternoon on the last Friday of every even month.
A sales-department worker at the residential construction company, however, expressed some scepticism over the Premium Friday campaign.
“Of course, it’s important to finish work soon and return home, but I don’t know whether we can maintain a good balance between rest and work,” the worker said.
“We’re dealing with individuals. If all employees leave work, our performance could deteriorate,” he added.