We noticed a lot of backslapping and “hi fives” from stakeholders during the formal signing, by the President, 2 weeks ago, the Minimum Wage into law.
The implication of the law is that, all workers are now to receive a minimum of N30,000 (Thirty Thousand Naira Only) as “take home” pay in both the public and private sectors except in an establishment with less than 35 (Thirty five) workers.
Even with this seeming “money relief”, what happens when there are commensurate increases in the cost of other ancillaries in the economy like food items etc as a result of the aftermath of this increase?
If on the other hand, these funds are channeled more to improve the basic infrastructural facilities like Roads, Hospitals, Schools etc that are in so much disrepair and disuse and basically increasing the cost of transportation, cost of accessing hospitals and School etc, without the Minimum wage increase, cost of living and inflation would go down in the process.
The time has come when the labour leaders and all stakeholders involved in negotiations to adopt different strategies in protecting the workers by starting to think outside the box than consistently engage in the rituals of demanding for increases every time making them predictable.
That’s the way genie sees it.