The NLC president, Ayuba Wabba, said this today in Abuja. His words: “I can say now authoritatively that as of yesterday( Tuesday) we made a formal proposal to the FG of N56,000 to be the new minimum wage. Our argument is that, yes, it is true that the economy is not doing well, but the law states that wages for workers must be reviewed every five years.
The last review of the national minimum wage was done in 2011. The logic behind the new minimum wage is to ensure that no worker earns below what can sustain him or her for a period of 30 days.
You also know that when we negotiated the N18k minimum wage, the value in terms of exchange rate at that time was almost at N110 to the dollar. But as at today, the value of the naira to the dollar has been reduced; and there are the issues of inflation and purchasing power, among others to contend with.
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