New Minimum Wage: FG Stands At N62,000 Amidst Labour’s N250, 000 Demand

Labour Insists On Weighty Minimum Wage Upsurge
Labour Insists On Weighty Minimum Wage Upsurge

In an enduring negotiation process yesterday that lasted into the night, the Federal Government of Nigeria, alongside the Organized Private Sector, has escalated its offer for the impending new minimum wage to ₦62,000, up from the initial ₦60,000 proposal.

This development arrives amidst organized labor’s steep proposal of ₦250,000, a considerable reduction from its former ₦494,000 stance.

After extensive months of deliberation, the tripartite committee, established by the Federal Government to navigate the discussions for a new minimum wage, has wrapped up its conference. The resultant recommendations are poised to be directed to President Tinubu, projecting an executive bill to the National Assembly for pertinent legislative actions.

The closure of the committee’s discussions, initiated in January, passes the next phase of decision-making to President Tinubu and thereafter, the National Assembly.

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Despite a consensus amongst labor, the Organized Private Sector, and the Federal Government on the inadequacy of the current ₦30,000 minimum wage given the nation’s economic climate, reaching an agreement on a new figure has presented ongoing hurdles.

The leap from labor’s suggested ₦494,000 to the government and private sector’s countered ₦60,000 has been a focal point of the discourse. The ensuing labor strike on June 3, following an unmet ultimatum on May 31, marked a significant turning point, leading to a nationwide shutdown of businesses. This action was temporarily halted on Tuesday as the Federal Government hinted at a wage increase surpassing ₦60,000, prompting renewed negotiations.

Though the enhancements by the government and Organized Private Sector to their initial proposal are marginal, the labor unions had previously declared their refusal to accept a negligible increase. TUC President Festus Osifo articulated on Channels Television’s Politics Today that the unions anticipate a substantial improvement beyond mere token additions to the ₦60,000 figure previously on the table.

The dialogue arrives at a critical time as the 36 state governors voice concerns over the feasibility and sustainability of the Federal Government’s ₦60,000 minimum wage proposal, signaling a broad spectrum of challenges in finalizing an agreement acceptable to all stakeholders.

Africa Today News, New York

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