Nlc latest news on new minimum wage

Here are the latest news and updates on the new minimum wage in Nigeria:

Latest Update: The National Minimum Wage Act 2021 was signed into law by President Muhammadu Buhari on April 18, 2021, increasing the national minimum wage from N18,000 to N30,000 per month.

Key Highlights:

  1. New Minimum Wage: The new minimum wage is N30,000 per month, effective from April 18, 2021.
  2. Implementation: The new minimum wage will be implemented by all employers of labor, including federal, state, and local governments, as well as private sector organizations.
  3. Backdating: The new minimum wage will be backdated to April 18, 2021, meaning that workers who were already earning below the new minimum wage will receive the difference as a one-off payment.
  4. Review: The National Minimum Wage Act 2021 provides for a review of the minimum wage every five years to ensure that it keeps pace with inflation and other economic factors.
  5. Constitutional Amendment: The new minimum wage law has been amended to include a provision that the minimum wage will be reviewed every five years, which is a constitutional requirement.

Reactions:

  1. Labour Unions: The Nigeria Labour Congress (NLC) and other labour unions have welcomed the new minimum wage, describing it as a significant improvement over the previous minimum wage.
  2. Employers: Some employers have expressed concerns about the impact of the new minimum wage on their businesses, particularly small and medium-sized enterprises.
  3. Government: The Federal Government has assured that the new minimum wage will not lead to job losses, but rather stimulate economic growth and improve the standard of living of workers.

Next Steps:

  1. Implementation: The Federal Ministry of Labour and Employment will work with state governments and employers to implement the new minimum wage.
  2. Monitoring: The Ministry will also monitor the implementation of the new minimum wage to ensure that it is implemented in accordance with the law.
  3. Review: The National Minimum Wage Act 2021 provides for a review of the minimum wage every five years, which will be carried out by the National Minimum Wage Review Committee.

I hope this information is helpful!