Story by: Iyiola Ayomide
According to Crimewatchnewspaper, the president of the National Labour Congress, Joe Ajaero, believes that if inflation and other economic indicators worsen, the Federal Government should consider N1 million as the monthly minimum wage.
Ajaero revealed this information during an interview with Arise Television on Sunday, according to reliable sources in the Nigerian news platform.
As per the president of the NLC, it is necessary for the new minimum wage to take into account the economic state of the country.
He further states that the continuous increase in the value of the dollar compared to the naira will inevitably result in the need for a higher minimum wage.
He restated that the original suggestion of a N200,000 minimum wage is no longer feasible due to the significant increase in food prices and inflationary pressure in the economy.
"He stated that the organized Labour would hold a meeting with the Federal Government on Monday in order to address the resolutions concerning the strike notice that was issued by the
"If the Naira's value keeps decreasing and inflation persists, this sum of one million Naira might still hold significance.
The demand for labor also relies on external factors that shape society."
"By the time we considered N200,000, the exchange rate stood at approximately N900. Presently, the exchange rate has skyrocketed to around N1,400 or potentially even higher."
"The aforementioned concerns play a significant role in shaping the level of demand, and they also have a parallel impact on the expenses associated with daily life.
We have consistently emphasized that our demand hinges on the cost of living index." "Isn't it true that the price of a bag of rice is approximately N60,000 to N70,000? The cost of food items is becoming unaffordable.
So, can we expect to receive a minimum wage that doesn't cover transportation expenses even for a week?"
"He mentioned that we need to consider all these matters, which will influence the level of dedication the national government will show towards these discussions."
Last week, the organized Labor gave a notice of a nationwide strike that would last for 14 days.
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