Joe Ajaero, president of the National Labour Congress (NLC), believes the Federal Government could consider N1 million as a monthly minimum salary if inflation and other economic indicators worsen.
Ajaero revealed this on Sunday during an interview with Arise Television.
According to the NLC president, the new minimum pay must reflect the country’s economic situation, and as long as the dollar’s value rises against the naira, demands for a higher minimum salary would continue.
He maintained that the initial N200,000 minimum wage proposal was no longer viable, citing rising food prices and economic inflation.
He stated that organized labour will meet with the Federal Government on Monday to discuss resolutions to the strike notice issued by the NLC and Trade Union Congress.
“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.
Platinum Times recalls that organized Labour issued a 14-day nationwide strike notice last week.
However, President Bola Ahmed Tinubu’s administration had appealed to workers not to embark on a strike over the country’s economic condition.