According to a report by Daily Post, Organized Labour has shed light on its proposal for a minimum wage of N615,000, emphasizing the need to consider various factors. In an interview with Channels Television, Trade Union President Festus Osifo outlined the rationale behind the figure, stressing that it reflects a comprehensive assessment.
Osifo clarified that the proposed minimum wage was the result of deliberations by a harmonization committee. He highlighted that the demand was not arbitrary but based on a thorough negotiation process aimed at securing fair and reasonable compensation for workers.
Highlighting the importance of negotiation, Osifo emphasized that the proposed figure serves as a starting point, subject to further discussions with the government. He emphasized the need for a balanced approach that considers the interests of both workers and employers.
"We had a minimum wage harmonization committee that came up with N615,000. So, the position of organized labour (together with the Nigeria Labour Congress) for the new minimum wage is N615,000. But remember, we are not stupid to propose this. A lot of factors went into it. This is a negotiation. If you are going to negotiate, you don’t submit your rough bottom. You look at what is fair, just and reasonable. We are waiting for the government to bring their counteroffer, so we go into negotiations,” he stated.
The statement from Organized Labour comes amid Nigeria's observance of International Workers' Day, against the backdrop of economic challenges exacerbated by high inflation rates. Despite the prevailing economic conditions, the country's minimum wage remains unchanged at N30,000. As stakeholders await the government's response, the call for a higher minimum wage reflects ongoing efforts to address the financial well-being of Nigerian workers.