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Nigeria braces for a minimum wage increase
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Government, private sector in agreement on the necessity
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Workers’ demands for better wages heard loud and clear
Eko Hot Blog reports that Senator Adams Oshiomhole has shed light on a prevailing consensus among stakeholders regarding the urgency of raising the national minimum wage.
Speaking on Channels Television’s “Politics Today,” the former governor affirmed, “The current minimum wage of 30,000 is a joke.”
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Moreover, Oshiomhole highlighted the dire impact of soaring living costs on employees across all levels. “You need to beef it up,” he asserted, proposing a potential indexation to inflation, akin to practices in other market economies.
Although an announcement during the Workers’ Day celebrations was anticipated, it did not materialize.
Nonetheless, the Minister of State for Labour, Nkeiruka Onyejeocha, assured workers that any agreed-upon adjustments would be retroactive from May 1, 2024.
“It is regrettable that the new national minimum wage is not ready before today, but a wide consultation is ongoing to ensure that the document is put together as soon as possible,” she stated.
Commending the government’s commitment, Oshiomhole expressed satisfaction with the decision to implement the new minimum wage from the specified date.
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The current Minimum Wage Act, established at N30,000 in 2019, is due for its five-year review to align with contemporary economic realities faced by Nigerian workers.
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