Obaseki Increases Minimum wage to N70,000

3

 Obaseki Increase Minimum wage to N70,000
Governor Godwin Obaseki has Increased Minimum wage to N70,000. During the commissioning of the new Labour House in Edo state on Monday, Governor Godwin Obaseki made a significant announcement regarding the state’s minimum wage policy. This decision comes amidst ongoing discussions between the Nigeria Labour Congress (NLC), the Trade Union Congress (TUC), and the Federal Government concerning the necessity to adjust the minimum wage to counteract the effects of rising inflation rates, particularly in food prices.

The National Bureau of Statistics (NBS) reported a sharp increase in inflation rates for March 2024, with figures reaching 33.2% compared to 31.7% in February. Food inflation also saw a notable rise, reaching 31.7% in March from 30% in February. These alarming statistics underscore the urgency of addressing the wage concerns of workers across the nation.

Advertisements

The NLC and TUC have been vocal in their demands for a significant increase in the minimum wage, proposing N615,000 as the new benchmark. This call for action followed the establishment of a 37-member panel by President Bola Tinubu, tasked with recommending a new national minimum wage. The panel, representing various sectors including federal and state governments, the private sector, and organized labor, convened to address the pressing issue.

The economic reforms implemented by the Tinubu administration, including the removal of fuel subsidies and the unification of forex windows in 2023, have contributed to heightened inflation and a surge in the prices of essential commodities. Consequently, the existing minimum wage of N30,000, set since April 18, 2019, has been widely criticized as insufficient and labeled a “poverty wage” amidst the prevailing economic challenges.

Governor Godwin Obaseki took a proactive step in addressing the wage concerns of civil servants in Edo state. During the inauguration of the Labour House, Governor Obaseki announced a new minimum wage of N70,000 for civil servants in the state, effective May 1, 2024. This move reflects the state government’s commitment to ensuring the well-being and financial stability of its workforce.

The implementation of a new minimum wage in Edo state is a positive step towards alleviating the financial burden faced by workers amidst the economic uncertainties. It serves as a testament to the state government’s responsiveness to the needs of its citizens and sets a precedent for other states to follow suit in addressing wage disparities and promoting economic prosperity for all. we also hope that the president of Nigeria would announce a new minimum wage in the coming weeks.

BLOG POST

3 thoughts on “Obaseki Increases Minimum wage to N70,000

Leave a Reply

Your email address will not be published. Required fields are marked *

Next Post

JAMB Releases 2024 UTME Results

Mon Apr 29 , 2024
The Joint Admissions and Matriculation Board (JAMB) has once again set the stage for the academic aspirations of millions of Nigerian students with the release of the 2024 Unified Tertiary Matriculation Examination (UTME) results. This year, a staggering 1.94 million candidates participated in the examination, which took place across 118 […]
jamb

You May Like