According to Joe Ajaero, president of the National Labour Congress (NLC), should inflation and other economic indicators increase, the Federal Government had to consider setting a minimum wage of N1 million per month.

Ajaero revealed this in an interview with Arise Television on Sunday.

The president of the NLC asserts that the new minimum wage must take into account the economic circumstances of the nation and states that calls for a higher minimum wage would inevitably arise as long as the value of the dollar continues to appreciate relative to the naira.

He reaffirmed that the original N200,000 minimum wage plan is unworkable, noting the economy’s inflationary pressure and the skyrocketing cost of food.

He stated that the Federal Government and organised labour will meet on Monday to explore solutions regarding the strike notification issued by the NLC and Trade Union Congress, TUC.

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

“You will remember that by the time we contemplated N200,000, the exchange rate was about N900. Today, the exchange rate is about N1,400 or even more.

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

“You’ll agree that a bag of rice is about N60,000 to N70,000. Foodstuff is getting out of reach. Now, will we get a minimum wage that is insufficient for transportation, even for one week?

“We have to factor in all these issues. And that will determine the federal government’s commitment to these negotiations,” he said.

ZINGTIE re that last week, organised labour issued a notice of a 14-day nationwide strike.

The administration of President Bola Ahmed Tinubu had, however, urged employees not to go on strike due to the state of the nation’s economy.

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