Today’s Headlines: Minimum wage talks: Labour considers N100,000 as Tinubu issues ultimatum, Naira rises to N1,475/$ in parallel market

Minimum wage talks: Labour considers N100,000 as Tinubu issues ultimatum...CONTINUE READING

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Organised Labour may settle for N100,000 minimum wage as the Tripartite Committee on National Minimum Wage commences daily meetings for five days to reach a consensus.

Multiple sources in the labour movement told The PUNCH on Tuesday that the union leaders were willing to review their demand from N494,000 to N100,000, following the criticism and controversy that trailed their proposal which was considered outrageous and unrealistic.

In a statement by his media aide, Rabiu Ibrahim on Saturday, the Minister of Information and National Orientation,

Mohammed Idris, said the proposed minimum wage would result in an annual expenditure of N9.5tn, a burden he described as untenable for the nation’s finances.

Despite the intervention of the leadership of the National Assembly, labour embarked on an indefinite strike on Monday, a development that grounded economic activities nationwide.

Banks, airports, public schools and courts were shut, forcing the Federal Government to convene an emergency meeting to find a way out of the impasse.

In a bid to move the negotiation forward, the unions on Tuesday announced the suspension of the industrial action for five days after

President Bola Tinubu agreed to pay a national minimum wage higher than N60,000 and the tripartite committee pledged its readiness to convene daily until a new minimum wage is announced.
Naira rises to N1,475/$ in parallel market