Federal Government has been advised to institutionalise wage policy machinery that could automatically adjust wages or hedge it against inflation as done in other climes.
Director-General, Nigeria Employers’ Consultative Association, NECA, Adewale-Smatt Oyerinde, made the call in a statement in Lagos, noting that a realistic wage policy, whether minimum or living wage should be fundamentally based on sustainable enterprises, productivity and economic development.
He also stressed that the current National Minimum Wage of 30,000 naira came into effect in 2019 after a structured negotiation by the Committee.
Oyerinde said the committee, comprised of NECA, Nigeria Labour Congress, Trade Union Congress of Nigeria, and government, in line with the International Labour Organisation Convention 131 – the Minimum Wage Fixing Convention.
He added that the recommendation of the committee was approved by government and signed into law.