New Minimum Wage To Take Effect From July 29, Says Committee

The Committee on Consequential Adjustments in Salaries has announced that the new minimum wage of ₦70,000 will be implemented starting July 29, 2024. 

This follows the National Minimum Wage Act 2024, which raised the minimum wage from ₦30,000. A Memorandum of Understanding outlines the implementation details, including salary templates for various consolidated salary structures.

The MoU states, “The NSIWC will generate the appropriate salary templates for other consolidated salary structures for implementation; the effective date of the implementation shall be July 29, 2024.”

The committee was established to oversee the implementation of the National Minimum Wage Act 2024, which raised the national minimum wage from ₦30,000 to ₦70,000. Comprised of 16 members, the committee’s responsibilities include negotiating and agreeing on salary adjustments and developing a template for the implementation of the newly approved minimum wage.