N70,000 Minimum Wage Bill Signing By President Bola Tinubu
On July 30, President Bola Tinubu signed into law a new bill that increased the country's minimum wage to N70,000. The Act, which takes immediate effect across the country, is targeted at increasing the living standard of workers in both the public and private sectors. The increase was the result of negotiations between the government and labour unions that had hitherto demanded N250,000 but later settled for N70,000. The bill also makes provisions for retroactive payments from May 2024. The federal government is, however, putting in place modalities to ensure that compliance with the law is effected at all levels, while the Senate President, Godswill Akpabio, has expressed his elation with regard to the manner of the speedy legislative process and what it portends for Nigerian workers. The legislation falls under a larger effort at adjusting the 2024 budget, with a N6.2 billion increase in accommodation of the new wage structure.The signing into law of the N70,000 Minimum Wage Bill by President Bola Tinubu is another milestone in the struggle to ensure better financial conditions for Nigerian workers. Until then, the increase to N30,000 had been a big jump, reflecting the government's recognition of economic challenges such as inflation and rising cost of living. However, while this new minimum wage is welcomed, it may not be able to guarantee a comfortable living standard for many people amidst the economic conditions in Nigeria.Appraisal Frequency: institute periodic reviews of minimum wages in line with changes in the economy to ensure that the minimum wage remains updated and adequate.Economic stability: This involves the need to improve on economic policies in order to contain inflation and stabilize the naira because these factors account largely for the real value of wages.Enforcement: This should be strictly implemented concerning the new wage law without defaults in all sectors to protect workers' rights.
https://punchng.com/labour-excited-as-tinubu-signs-n70000-minimum-wage-bill/