If inflation and other economic indicators worsen, Joe Ajaero, president of the National Labour Congress (NLC), says the Federal Government should consider setting a minimum salary of N1 million per month.
In an interview with Arise Television on Sunday, Ajaero revealed this.
As per the NLC president, the revised minimum wage need to align with the economic circumstances of the nation. He further states that demands for a higher minimum salary will persist as long as the value of the dollar relative to the naira continues to appreciate.
He restated that the original N200,000 minimum wage plan is unworkable, noting the economy’s inflationary pressure and the skyrocketing cost of food.
He noted that the National Labor Congress (NLC) and the Trade Union Congress (TUC) had called a meeting of organized labor and the federal government on Monday to consider resolutions about the strike notice.
“If the Naira’s value and inflation both continue to decline, then this N1 million might become significant.” The state of society has an equal bearing on the need for labor.
“You will remember that by the time we contemplated N200,000, the exchange rate was about N900. Today, the exchange rate is about N1,400 or even more.
“Those are the issues that determine the demand, and they are equally affecting the cost of living, and we have always said that our demand will be based on the cost of living index.
“You’ll agree that a bag of rice is about N60,000 to N70,000. Foodstuff is getting out of reach. Now, will we get a minimum wage that is insufficient for transportation, even for one week?
“We have to factor in all these issues. And that will determine the federal government’s commitment to these negotiations,” he said.
Recalls that organized Labour issued a 14-day nationwide strike notice last week.
However, President Bola Ahmed Tinubu’s administration had appealed to workers not to embark on a strike over the country’s economic condition.