Inflation: Labour Unions To Push For Annual Increase To N70,000 Minimum Wage

The President of the Trade Union Congress, TUC, Festus Osifo, has disclosed plans by the organised labour unions to push for an annual increase to the N70,000 minimum wage.

Mr Osifo emphasised the importance of the minimum wage that reflects the rise in inflation every year.

The labour leader, who stated this during an interview on Channels TV, said: “What we are pushing on for Labour is that instead of you [the government] waiting for five years to increase the minimum wage, you will now look at the inflation of the last five years and try to make some adjustments, why can’t we reflect the inflation on an annual basis?”

According to him, the NLC and other labour unions have commenced discussions on the issue.

“For example, we have entered January 2025, by the 15th of January 2025, the National Bureau of Statistics is going to release the inflation figure for December,” he explained.

“So, what we are pushing for as Labour is that, if for example, the inflation figure is 35%, apply that 35% to the ₦70,000 minimum wage so that it will become reflective of what the true value is.

“When we get to 2026, you will also do similar application. That is actually what we are pushing. We shouldn’t be waiting for five years.

“In the new Act now is three years to do those adjustments but we could be doing them systemically by applying the inflation as of December of the preceding year to what the minimum wage is.

“This is part of the position that we are also going to canvass this year. We started the conversation last year but we will continue it in 2025,” Mr Osifo added.

(NAN)

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