Politics

How Minimum Wage Over N62,000 Will Cause Job Losses” – NECA

Published by Tope Fakinlede on June 26th, 2024.

How Minimum Wage Over N62,000 Will Cause Job Losses” – NECA

NLC and TUC

The Nigeria Employers Consultative Association (NECA) has cautioned against setting a minimum wage higher than N62,000, warning it could result in job losses.

NECA’s Director-General, Mr. Adewale-Smatt Oyerinde, voiced this concern at a press briefing in Abuja during the third Nigeria Employers Summit, themed “Economic Renaissance: Harnessing Government Reforms and Private Sector Agility.”

Oyerinde emphasized that the organized private sector cannot sustain a minimum wage above N62,000, as settled in tripartite committee negotiations. He warned that exceeding this threshold would lead to non-compliance and legal issues, potentially triggering widespread litigation and crises.

Addressing delays, Oyerinde assured that the process is on schedule, refuting claims of procrastination as misinformation.

He added that following the committee’s recommendations, a bill will be submitted to the national assembly for approval, urging labor advocates to expedite the legislative process.