FG Proposes N62,000 as New Minimum Wage for Nigerian Workers.
FG Offers N62,000 as New Minimum Wage Amidst Ongoing Negotiations
Background and Context: The Federal Government has increased its offer for the new minimum wage to N62,000 from the previously proposed N60,000. This proposal was made during the Tripartite Committee on New National Minimum Wage meeting held on Friday, June 7, 2024.
Labour’s Demands and Reactions: Despite the government’s increased offer, the organized labour movement, represented by the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), is pushing for a significantly higher minimum wage of N250,000. This is a substantial reduction from their initial demand of N494,000, but it still far exceeds the government’s latest offer.
Private Sector’s Stance: The organized private sector has shown support for the government’s offer of N62,000, aligning with the government’s perspective on the economic feasibility of the proposed minimum wage.
Reasons for the Wage Increase: The call for a new minimum wage comes in the wake of the removal of the petroleum subsidy and other governmental reforms. These changes have increased the cost of living, prompting labour unions to demand a higher minimum wage to ensure workers’ livelihoods are protected.
Recent Developments and Strikes: Negotiations between the government and labour have been fraught with difficulties, leading to a two-day strike by workers. The strike, led by the NLC and TUC, effectively shut down business activities nationwide on Monday and Tuesday.
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