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Ok this answer is late, but for anyone who is facing this issue.
In order to change the y-axis label, you can use a callback in the ticks object of the chart options. You can specify a string that is to be returned for each y-axis point.
Here is a sample code for the requirement in the question:
options: {
scales: {
yAxes: [{
ticks: {
beginAtZero: true,
min: 0,
max: 4,
stepSize: 1,
callback: function (label, index, labels) {
switch (label) {
case 0:
return ' ';
case 1:
return '<5 M';
case 2:
return '>5 M';
case 3:
return '<30 M';
case 4:
return '>30 M';
}
}
}
}
]
}
}
Source:stackexchange.com