Nigeria new minimum wage news
Here are some recent news 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:
- A new minimum wage of N30,000 per month for all workers in the public and private sectors.
- A review of the national minimum wage every five years to ensure that it keeps pace with inflation and other economic factors.
- The establishment of a National Minimum Wage Committee to oversee the implementation of the new minimum wage and make recommendations for future increases.
- The provision of additional benefits, such as housing allowance, transportation allowance, and other allowances, to workers earning the new minimum wage.
Implementation: The implementation of the new minimum wage is expected to begin in May 2020, with all employers of labor required to pay their workers the new minimum wage within a specified timeframe.
Reactions: The new minimum wage has been welcomed by labor unions and workers' organizations, who have been pushing for an increase in the minimum wage for years. However, some employers have expressed concerns about the impact of the new minimum wage on their businesses and the economy as a whole.
Other News: The new minimum wage is expected to benefit over 40 million workers in Nigeria, including those in the public and private sectors. The increase in the minimum wage is also expected to boost economic growth and reduce poverty in the country.
I hope this information is helpful!