NECA advises Tinubu’s government to institutionalise wage policy
The Nigeria Employers’ Consultative Association (NECA) has urged President Bola Tinubu’s government to institutionalise wage policy machinery that could automatically adjust wages or hedge them against inflation as done in other climes.
NECA’s director-general, Adewale-Smatt Oyerinde, made the call in a statement on Tuesday in Lagos.
“It is pertinent to note that a realistic wage policy, whether minimum or living wage, should be fundamentally based on sustainable enterprises, productivity and economic development,” Mr Oyerinde stated.
He explained that beyond the anticipated national minimum wage negotiation, creating an environment that ensures enterprise sustainability will promote regular and seamless wage adjustments and ensure an upscale in Nigerians’ general standard of living.
“Government must put in place and institutionalise wage policy machinery that could automatically adjust wages or hedge it against inflation as done in other climes,” noted the NECA chief.
Mr Oyerinde noted that the current National Minimum Wage of N30,000 came into effect in 2019 after a structured negotiation by the wage committee.
The committee, he said, comprised of NECA, the Nigeria Labour Congress, Trade Union Congress, and the government, in line with the International Labour Organisation Convention 131 – the Minimum Wage Fixing Convention.
He said the committee’s recommendation was approved by the government and signed into law.
“Statutorily, the current minimum wage is due for a review. Thus, it is expected that the machinery for setting a new NMW, effective 2024, should be put in place to commence its assignment as urgently as possible,” the NECA director-general stated.
He called for stabilising the economy by refocusing the fiscal and monetary policies to be pro-growth.
“Also, address the challenge of multiplicity of taxes and levies; deal with strangulating regulations that appear to stifle productive activities rather than promote them; address the increasing inflation rate,” added the NECA director-general. “Decisively deal with the government’s revenue challenge and the general inhospitable business environment.”
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
NationWide
Focus on criminals, stop targeting journalists, CPJ tells Nigerian security agencies
She also pointed out harsh bail requirements imposed on journalists, describing Mr Ugagbe’s bail conditions as “utterly punitive.”
Education
Tinubu upgrades Nasarawa poly to university
Mr Onanuga said the approval followed a proposal by Senator Ahmed Aliyu, who represents the Nasarawa West Senatorial District.
Lagos
Lagos govt signs agreement to automate vehicle registration
Mr Osiyemi said the initiative would simplify and speed up vehicle registration by eliminating cumbersome processes.
States
Three rescued, one body recovered as building collapses in Kano
The PRO attributed the collapse to the use of poor and substandard building materials.
NationWide
FG calls for stronger African collaboration to combat illicit wealth, transnational corruption
Mr Fagbemi added that the recovery and transparent management of proceeds of crime remained a key pillar of the country’s anti-corruption policy.
Heading 2
FG reiterates commitment to ensuring safe return of Nigerians from South Africa
“The last evacuation flight, which is expected to bring home approximately 300 of our nationals, is expected to arrive in Nigeria next week,” Mr Ebienfa said.
