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On October 26, 2017, Prime Minister Shinzo Abe held the 14th meeting in 2017 of the Council on Economic and Fiscal Policy at the Prime Minister's Office.
 
At the meeting, there was discussion on the Integrated Economic and Fiscal Reform, as well as the continued increase and expansion of wages and disposable income.
 
Based on the discussion, the Prime Minister said,
 
“The Abe Cabinet has made great strides toward fiscal soundness by advancing Abenomics. We have been making a series of efforts to reduce expenditures, including reducing the amount of new government bond issuance by 10 trillion yen thanks to increased tax revenue and keeping growth in social security costs under 500 billion yen for three consecutive years.
 
At the same time, to powerfully undertake the revolution on developing human resources, the increased revenue from the consumption tax hike to 10% planned for the year after next will be allocated, half of it for measures such as reducing the educational costs of families and supporting families rearing children, and the other half for fiscal  consolidation.
 
Although this will affect when the primary balance will achieve a surplus, we are by no means lowering the banner of realizing fiscal soundness.
 
We must indicate when we will achieve a primary balance surplus after carefully reviewing the initiatives taken to date. In doing so, we will simultaneously need to show a detailed plan on expenditure reform that supports this timeframe.
 
Today, we received opinions from private-sector members that an all-generation social security system should be established, and that efforts to reform social security aimed at fiscal soundness are very important.
 
I will take the lead and exert my best efforts in this regard.
 
Next, we discussed wage growth.
 
Over the past four years, we have seen continuing wage growth at the highest level of this century. In addition, the Abe Cabinet has increased the minimum wage by 100 yen over the past four years. The hourly salary of part-time workers is at its highest level on record. We must ensure that this trend becomes even more robust and sustainable.
 
As private-sector members also pointed out, wage increase can be considered as a societal request to companies. I hope that employer-employee negotiations next spring will realize a 3% wage hike amid solid efforts to advance productivity revolution. I ask the business community to make proactive efforts in this regard.
 
The Government will mobilize various policies including budget, tax, and regulatory reform in order to steer record high corporate earnings into wage growth and capital investment. We will work as one to develop an environment to do this and reflect these policies in the new economic policy package to be created at the end of this year. I would like Minister Kato, Minister Seko, and other relevant ministers to take thorough steps accordingly.”