Business
New minimum wage announcement on May 1st, not feasible – TUC
The President of the Trade Union Congress of Nigeria (TUC), Mr. Festus Osifo, announced that the anticipated new minimum wage is unlikely to be declared on May 1.
He made this statement during a press interaction on Friday in Abuja.
However, he mentioned that the N615,000 demanded by organized labour is not set in stone. He added that this figure was reached after conducting thorough research.
- He stated, “The negotiation by the Tripartite Committee is still ongoing. If you remember, the TUC earlier submitted N447,000 as the new minimum wage but we have harmonised our figure with the Nigeria Labour Congress (NLC).”
- “It is now N615,000. Regarding the when for the new minimum wage, the committee is still working.”
- “So, certainly, May 1, will not work for the pronouncement of the new minimum wage. Except if the Federal Government wants to pay the minimum wage of N500,000 to workers,”
Backstory
The Federal government set up the tripartite committee for negotiating the new minimum wage in January. The 37-man committee comprise representative of state governments, organised labour unions, civil society organisations, federal government officials and others. Its members include the Minister of Finance, Wale Edun, the Budget and Planning Minister, Atiku Bagudu and so on.
The removal of subsidy and the devaluation of the naira have triggered a cost-of-living crisis in Nigeria, with inflation soaring to a 28-year high of 33.2%. President Tinubu pledged various relief measures for households and businesses, but their implementation has been sluggish. In October, the President approved a N35,000 wage increase for Federal civil servants and urged state governments to follow suit.
The Nigerian Labour Congress (NLC) has been exerting significant pressure on the Tinubu administration to implement programs to alleviate the current hardships faced by Nigerians. Last year, organized labour groups staged protests nationwide, demanding a minimum wage hike.
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