The Northern Elders Forum (NEF) has described the proposed minimum wage of N500,000 by the Nigeria Labour Congress (NLC) as unrealistic.
According to NEF spokesperson, Abdul-Azeez Suleiman, such drastic increase may cause inflation and may not be sustainable in the long run.
He proposed a moderate increase from the current N18,000 being paid by the federal and most state government.
His words: “As economic pressures continue to weigh heavily on the Nigerian workforce, the tripartite meeting between Labour and the Federal Government regarding a potential increase in the minimum wage has sparked demands for a minimum wage of N500,000 being put forward by Labour. The question of what the new minimum wage should be requires careful consideration.
”While it is understandable that Labour is advocating a significant increase in the minimum wage to alleviate the financial strain faced by many workers, it is important to strike a balance that is both fair to employees and sustainable for businesses.
“A minimum wage of N500,000 may be unrealistic and could potentially have adverse effects on the economy as a whole. Instead, a more moderate increase in the minimum wage, taking into account factors such as inflation and the cost of living would be a more reasonable approach.
“A gradual increase that reflects the economic realities of the country and ensures that workers can meet their basic needs without placing undue burden on employers will be more appropriate.
“While the demands for a minimum wage of N500,000 are understandable in the face of economic hardship, a more measured approach to wage increases should be adopted.
”It is important to find a balance that is fair to workers and businesses alike, to ensure a sustainable and equitable economic system.”
