The Organised Labour has decreased its minimum wage demand from N250,000 to N100,000. Dr Tommy Okon, Deputy President of the Trade Union Congress (TUC), announced this on Tuesday during the 112th International Labour Conference (ILC) in Geneva, Switzerland.
According to the Guardian, while Labour has not attached a deadline for President Bola Ahmed Tinubu to submit a new national minimum wage to the National Assembly for promulgation into law, it does not expect any sum less than six figures. Recommended for you
Labour expects the new minimum salary floor to be in the N100,000 range or higher. Okon explained that with the removal of petrol subsidies and the floating of the naira, which have pushed food inflation to an all-time high of 40% and inflation to a more than 25-year high of 33.69 percent in April 2024, President Tinubu understands that any amount less than a six-figure sum would be a starvation wage.
His words: “I want to believe that Mr. President will be highly aware of the high cost of living caused by the abolition of petrol subsidies and the opening of the foreign exchange market. These decisions were made by his government and have exacerbated.
When asked how much will be required to meet labour demands, Dr Okon stated, “Because of the high cost of living, we are looking at six figures.”