Governor Godwin Obaseki has announced a significant increase in the minimum wage from ₦40,000 to ₦70,000.

The announcement was made during the commissioning of the newly constructed ultra-modern Labour House (secretariat complex) for labor unions in Benin City.

Effective May 1, 2024, the new minimum wage will take effect, coinciding with this year’s Workers’ Day celebrations.

Governor Obaseki highlighted the importance of enhancing workers’ remuneration to align with the rising cost of living and ensure their well-being.

This marks the second time Governor Obaseki has elevated the minimum wage in the state. Previously, in 2021, he increased it from ₦30,000 to ₦40,000, demonstrating his administration’s commitment to prioritizing workers’ welfare.

The decision to raise the minimum wage underscores Governor Obaseki’s recognition of the invaluable contributions of workers to the socio-economic development of Edo State.

By providing a substantial increase in wages, the government aims to enhance workers’ purchasing power, promote socio-economic stability, and foster a conducive environment for productivity and growth.

Governor Obaseki’s administration has consistently prioritized initiatives aimed at improving the living standards of Edo State residents.

The increase in the minimum wage reflects a proactive approach to address the challenges faced by workers and reaffirms the government’s commitment to inclusive development.

Workers in Edo State have welcomed the announcement with enthusiasm, expressing gratitude to the governor for his unwavering support and commitment to their welfare.

The increase in the minimum wage is expected to positively impact the lives of workers across various sectors and contribute to overall socio-economic progress in the state.

Tesla Inc. has announced plans to slash over 6,000 jobs in Texas and California as part of CEO Elon Musk’s directive to trim more than 10% of the company’s global workforce.

The cuts come amidst a tumultuous period for the electric vehicle maker, which has faced challenges ranging from production bottlenecks to supply chain disruptions.

In Texas, where Tesla is headquartered and operates a major factory, 2,688 workers are set to lose their jobs.

The layoffs are scheduled to begin during a 14-day period starting June 14, as outlined in a WARN notice filed with the Texas Workforce Commission.

Also, Tesla revealed intentions to lay off 3,332 employees across multiple sites in California, according to separate WARN notices filed in the state.

The decision marks Tesla’s largest-ever round of job cuts, with the company boasting more than 140,000 employees globally before the restructuring initiative commenced.

Despite announcing a reduction of over 10% of its workforce on April 15, insiders familiar with Tesla’s plans suggest that the actual number of job losses could exceed 20,000.

The news of the layoffs comes as Tesla’s stock performance continues to struggle, with shares plummeting by 42% this year, marking the worst performance in the S&P 500 Index.

The company’s workforce in Austin, Texas, surpassed 22,000 employees at the end of last year, with its production facility responsible for manufacturing the Model Y and Cybertruck.

However, the extent to which factory jobs will be affected remains unclear amidst the restructuring efforts.

Amid mounting tension and grievances over alleged mass layoffs, the National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE) has led its members to the head office of Heritage Bank in Lagos.

NUBIFIE’s actions stem from Heritage Bank’s recent management decision to terminate the employment of over 1000 personnel without adhering to due process, prompting widespread outrage among affected workers and the union alike.

The union has made it clear that its picketing of the bank’s premises will persist until management addresses the sacked workers’ grievances and ensures the provision of rightful severance packages.

At the forefront of the protest, aggrieved ex-staff members have barricaded the entrance gate, obstructing access to and from the bank’s headquarters located at 143 Ahmadu Bello Way, Victoria Island, Lagos.

Reports reveal that Heritage Bank, under the leadership of Mr. Akinola George-Taylor, dismissed over 70 senior staff members within a year of his tenure. Moreover, numerous other employees were allegedly coerced into resigning, exacerbating the bank’s internal crisis.

Of significant concern is the failure to remit accrued entitlements and allowances owed to the affected staff.

Sources familiar with the matter have disclosed that the bank’s chief executive officer instigated the internal turmoil as part of a broader scheme to purge the institution of individuals suspected of loyalty to certain board members.

This purported purge is believed to be aimed at consolidating power and control over the bank, with the backing of a prominent shareholder seeking sole ownership and the removal of existing board members.

Despite efforts to seek clarification and comment from Heritage Bank’s head of Corporate Communications, Ozenna Utulu, no response has been forthcoming as of the time of reporting.

The standoff between Heritage Bank and NUBIFIE underscores the growing unrest within the banking sector and the urgent need for dialogue to address grievances and ensure fair labor practices.

As protests intensify and pressure mounts on the bank’s management, the outcome of these developments remains uncertain, leaving both employees and stakeholders on edge.