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Why New Minimum Wage May Be N1 Million – NLC President Ajaero.

Mr. Ajero.

The National Labour Congress (NLC) has indicated that its minimum wage demands might increase to N1 million per month if economic challenges persist.

 

NLC President Joe Ajaero mentioned during an interview on Arise TV that worsening inflation and currency depreciation are significant factors contributing to this potential escalation.

He emphasized that the demand for a higher wage is closely tied to economic conditions, citing the impact of rising exchange rates and the cost of living, including the soaring prices of essential items like rice. 

He said: “This N1 million may be relevant if the value of the Naira continues to depreciate; if the inflation continues to depreciate. The demand of Labour is equally dependent on what is happening in the society.

“You will remember that by the time we were contemplating N200,000, the exchange rate was about N900. As we talk today, the exchange rate is about N1,400 or even more.

“Those are the issues that determine the demand and it is equally affecting the cost of living and we have always said it that our demand will be based on the cost of living index.

Ajaero's remarks come amid looming strike threats as organized labour are engaging in discussions with the federal government regarding previous agreements and wage issues.


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