The President of the Nigeria Labour Congress (NLC), Comrade Joe Ajaero, has responded to criticism of the newly accepted N70,000 minimum wage, pointing out that it represents a substantial 133% increase from the previous N30,000 minimum wage.
Speaking in an interview on Arise TV’s News Night programme from 5:40, Ajaero addressed the criticisms by highlighting the positive aspects of the wage increase.
He emphasised that, although criticism is expected, it is crucial to acknowledge the benefits this increase brings to workers.
He noted that while the previous demand of N250,000 would have placed a heavy financial burden on the government, the new minimum wage strikes a balance that supports both economic stability and workers’ welfare.
Ajaero explained that the earlier demand for a N250,000 minimum wage, if implemented, would have nearly doubled the financial strain on the economy, making it unsustainable for the government to manage.
He said that the compromise to set the minimum wage at N70,000, though less than the initial demand, still represents a significant improvement for workers and is a more manageable figure for the government’s budget.
Moreover, Ajaero highlighted an important shift in the frequency of minimum wage reviews.
He said that traditionally, minimum wage negotiations occurred every five years, but now they have succeeded in reducing it to a more frequent review cycle of every three years.
The NLC President argued that this new approach to wage reviews would likely see another wage adjustment before the next election.
He sees this as a balanced strategy that not only supports economic growth but also ensures the well-being of Nigerian workers.
Ajaero said, ”70,000 minimum wage is an increase of 133% to the former minimum wage of N30,000. It’s not enough to criticise without looking at the good aspects of the new minimum wage.
“If we stick to the N250,000, the wage burden will definitely almost double. And that was why the private sector was complaining that it was going to affect their activities.
“And then we move further to break a jinx of negotiating the minimum wage every 5 years. We are pushing for two years and Mr. President said let’s leave it for three years.”….Seë_Morë