The Nigerian Labour Congress has made it clear that it is not in support of the N500,000 proposed as the new minimum wage, clarifying that it has not yet established a position on the amount to be submitted to the tripartite committee on the National Minimum Wage, which is responsible for setting a new minimum wage for workers.
President of NLC, Joe Ajaero, disclosed this information via an exclusive interview with our correspondent during the North East Zonal Public Hearing by the Tripartite Committee on National Wages in Yola, on Saturday. The NLC President stated that the N500,000 and N700,000 proposed as the new minimum wage are not recognized by the NLC.
According to him, the NLC as a body has yet to adopt a common presentation on the new minimum wage, so all the figures flying around should be disregarded.
However, he clarified that labor will be directed to adopt a new minimum wage based on economic parameters that consider the current cost of living in the states and the exchange rate of the naira to the dollar.
He said that the determination of the new minimum wage, if it will be of any tangible benefit, will hinge on how well the economy's managers manage all the underlying factors driving inflation to maintain stable wages for workers at the end of the day.
Ajaero pointed out that regardless of what industrialists are producing, prices have increased by more than 500%, leading to workers paying double the initial prices for food and transportation. He also observed that the wage is one way to circulate prosperity in the country, ensuring even small-scale business people will benefit from it.
It was disclosed during the Public Hearing that stakeholders were calling for a new minimum wage as the existing one is set to expire on April 17, 2024.
The NLC President has highlighted that if the country does not achieve a New Minimum wage before the deadline, workers will be entitled to receive payment for the arrears, as labor will request arrears regardless of the final increment.
