The Federal Government’s tripartite committee on minimum wage is set to convene today in Abuja to discuss the new national minimum wage.
The committee, comprising 37 members, will gather to deliberate on the final reports submitted by various subcommittees tasked with assessing and recommending adjustments to the minimum wage structure.
Among the key agenda items for the meeting, which will be held at the Nicon Luxury Hotel in Abuja, are the consideration of reports on the proposed new minimum wage and the establishment of a subcommittee responsible for drafting the final report to be presented to the Federal Executive Council (FEC).
The committee will address issues related to sanctions for wage violations and procedures for reporting such violations. Reports on the survey of the informal sector of the economy conducted in 2023 as well as those from the National Salaries, Income, and Wages Commission (NSIWC), will also be reviewed.
The timing of this meeting holds significance as it comes on the heels of Minister of State for Labour and Employment, Nkeiruka Onyejeocha’s announcement during the recent Workers’ Day celebration.
She stated that once approved, the new minimum wage would take effect from May 1, 2024, underscoring the urgency of reaching a consensus.
Amidst these discussions, the Nigeria Labour Congress (NLC) has put forward a bold recommendation for a new minimum wage of N615,000.
This figure, according to the NLC, reflects the meticulous calculation of the monthly cost of living for Nigerian workers, factoring in expenses such as food and transportation.
The NLC’s proposal underscores the pressing need to address the economic challenges faced by workers amidst rising production costs, dwindling purchasing power, and elevated exchange rates.
The union’s research, conducted across all states of the federation, aimed to capture the true cost of meeting the primary needs of an average family in Nigeria.
However, the proposed wage increase faces scrutiny, particularly regarding its feasibility and potential economic implications.
Critics question whether such a substantial hike is sustainable and whether it adequately accounts for broader economic factors such as inflation and fiscal constraints.
As the tripartite committee convenes today, stakeholders will engage in robust discussions aimed at striking a balance between the aspirations of workers for improved wages and the imperative of maintaining economic stability.
The outcome of these deliberations will not only shape the livelihoods of millions of Nigerian workers but also influence the trajectory of the nation’s economy in the months and years to come.