N1 Million Minimum Wage Proposal Gains Traction Within Labour Circles

N1 Million Minimum Wage Proposal Gains Traction Within Labour Circles....KINDLY READ THE FULL STORY HERE▶

The President of the Nigeria Labour Congress, Joe Ajaero, has expressed concerns about the escalating inflation and hinted that organized labour might advocate for a new minimum wage of up to N1 million for Nigerian workers if the current economic trends persist……..CONTINUE READING

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Ajaero attributed the potential demand for a higher minimum wage to the rising cost of living, a phenomenon exacerbated since President Bola Tinubu assumed office. The removal of the fuel subsidy and other policy changes have contributed to the prevailing economic challenges.

In an interview with Arise News on Sunday evening, Ajaero stated, “This N1 million may become necessary if the value of the Nigerian (naira) continues to depreciate and inflation remains unchecked, as the demand of labour is intricately linked to societal developments.”

He highlighted the significant shifts in economic factors since the consideration of a N200,000 minimum wage, pointing out that the exchange rate has surged to about N1,400 or even higher compared to the previous N800/N900 to a dollar.

Ajaero emphasized that the cost of living index is a crucial factor guiding labour’s demands, citing examples such as a bag of rice priced at around N60,000/N70,000 and locally produced corn at N56,000 or more. The increasing prices of essential goods make it imperative for the minimum wage to cover basic needs, including transportation, for at least a week.

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Source: Bushradiogist