Joe Ajaero, president of the National Labour Congress (NLC), believes the Federal Government could consider N1 million as a monthly minimum salary if inflation and other economic indicators worsen.
Ajaero revealed this on Sunday during an interview with Arise Television.
According to the NLC president, the new minimum pay must reflect the country’s economic situation, and as long as the dollar’s value rises against the naira, demands for a higher minimum salary would continue.
He maintained that the initial N200,000 minimum wage proposal was no longer viable, citing rising food prices and economic inflation.
He stated that organized labour will meet with the Federal Government on Monday to discuss resolutions to the strike notice issued by the NLC and Trade Union Congress.
“This N1 million may be crucial if the value of the Naira continues to fall or if inflation continues to fall. The need for labour is also influenced by societal developments.
“You will recall that at the time we considered N200,000, the exchange rate was around N900.” Today, the exchange rate is at N1,400 or higher.
“Those are the factors that influence demand, and they have an equal impact on the cost of living. We have always stated that our demand will be based on the cost of living index.
“You’ll agree that a bag of rice costs around N60,000 to N70,000. Food is becoming increasingly expensive. Will we now receive a minimum salary that is insufficient to cover transportation costs, even for one week?
“We have to consider all of these factors. “And that will determine the federal government’s commitment to these negotiations,” he explained.
Remember that organized labor issued a 14-day countrywide strike notice last week.
However, President Bola Ahmed Tinubu’s administration had urged workers not to go on strike over the country’s economic situation.
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