Why Announcement Of New Minimum Wage May Not Be Feasible On May 1-TUC

The Trade Union Congress of Nigeria (TUC),  has expressed pessimism over the possibility of the announcement of a new minimum wage on Workers Day on May 1, 2024, saying it may not be realistic.

Festus Osifo, the President of the congress expressed this optimism ahead of the May 1, Workers Day celebration across states in the country.

He cited the disparity in the figures submitted by the two unions as factors that may hinder an announcement.

While the TUC had pegged its minimum wage demand at N447,000 the Nigeria Labour Congress (NLC) has tabled a demand of N794,000 per worker.

Following the disparity in their demands, in a fresh proposal to the government, both parties presented N615,000 as the new minimum wage for workers.

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Addressing newsmen on the delay, Osifo said, “The negotiation by the Tripartite Committee is still ongoing. If you remember, the TUC earlier submitted N447,000 as the new minimum wage but we have harmonised our figure with the Nigeria Labour Congress (NLC). It is now N615,000.

“So, certainly, May 1, will not work for the pronouncement of the new minimum wage. Except if the federal government wants to pay the minimum wage of N500,000 to workers.”

Osifo said that the Labour demand was not sacrosanct while revealing that the unions were open to dialogue to reach a realistic agreement.

“The government also has its markup so conversations and negotiations will start and end somewhere.

“If you look at the N615,000, you will think that the amount is right but at about the time we did that computation, a dollar was about N1,700. I am hopeful that the committee will meet after May 1.” Osifo said.