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Minimum wage to be based on the socio-economic situation— NLC

…Argues proposed N200,000 no longer tenable

 

National minimum wage shall be negotiated based on the reigning socio-economic situation in the country.

 

The National Vice President, Tommy Etim, who conveyed this message in response to the inauguration of the Minimum Wage Committee by Vice President Kashim Shettima on Tuesday, 30th January 2023, added that the initial proposal is no longer feasible.

According to him, current economic conditions in the country have made a mess of the initially proposed N200,000 minimum wage by the Nigerian Labour Congress to the federal government.

Etim emphasised that the Congress would reconsider its stance on the national minimum wage, considering the present economic reality, rather than adhering to the previously suggested amount of N200,000.

He highlighted the increased socio-economic challenges and the currency devaluation, making the earlier proposal untenable.

When questioned about a specific figure for the committee, Etim clarified that they would not present a fixed amount but certainly not N200,000.

The decision, he stated, would be based on a thorough assessment of the socio-economic situation at the time of negotiation.

Etim said: “You are aware that when we opted for the N200,000, the socio-economic challenges were not as biting as they are now.

“And when you now look at the exchange rate, it was not what it is now. The naira rate has not been devalued as it is now. So, N200,000 is no longer tenable.

“We are not going there with a fixed amount, but definitely not N200,000. By the time we get there, we will decide based on the socio-economic situation.

“That’s what we are going to base our national minimum wage discussion and negotiation on.”

 

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