Nigeria new minimum wage latest news
Here are the latest news and updates on the new minimum wage in Nigeria:
Latest Update: The Nigerian government has finally signed the new minimum wage bill into law, increasing the minimum wage from N18,000 to N30,000 per month. The bill was signed by President Muhammadu Buhari on April 18, 2020.
Background: The new minimum wage was negotiated between the government and labor unions, with the aim of reducing poverty and improving the standard of living of Nigerian workers. The negotiations began in 2018 and were concluded in 2020.
Key Provisions: The new minimum wage law includes the following key provisions:
- Minimum wage increased from N18,000 to N30,000 per month.
- The wage increase will apply to all federal government employees, including those in the public sector.
- The wage increase will also apply to employees in the private sector, but employers are not required to implement the new wage immediately.
- The government has also increased the national daily living wage from N7,000 to N10,000.
- The law provides for a review of the minimum wage every five years to ensure that it keeps pace with inflation and other economic factors.
Implementation: The implementation of the new minimum wage is expected to begin in May 2020, with the government providing a timeline for the implementation process.
Reactions: The new minimum wage has been welcomed by labor unions and civil society organizations, who have been advocating for a wage increase for years. However, some employers have expressed concerns about the impact of the wage increase on their businesses.
Other News:
- The Nigerian Senate has passed a bill to establish a national minimum wage commission, which will be responsible for reviewing and recommending changes to the minimum wage.
- The government has also announced plans to increase the salaries of civil servants and pensioners to reflect the new minimum wage.
- The International Labor Organization (ILO) has welcomed the new minimum wage, saying it is a step towards reducing poverty and improving the standard of living of Nigerian workers.
I hope this information is helpful!