If the economic downturn continues, the National Labour Congress (NLC) has stated that its minimum wage demands may increase to N1 million per month. NLC President Joe Ajaero disclosed the information during an interview with Arise TV on Sunday, citing increasing inflation and currency depreciation as important causes....CONTINUE READING
He said: “This N1 million may be relevant if the value of the Naira continues to depreciate; if the inflation continues to depreciate. The demand of Labour is equally dependent on what is happening in the society.
“You will remember that by the time we were contemplating N200,000, the exchange rate was about N900. As we talk today, the exchange rate is about N1,400 or even more.
“Those are the issues that determine the demand and it is equally affecting the cost of living and we have always said it that our demand will be based on the cost of living index.
“You’ll agree with me that a bag of rice is about N60,000 to N70,000. Foodstuff is getting out of reach. Now, are we going to get a minimum wage that will not be enough for transportation even for one week?
