We’ll Consider Economic Factors Before Fixing New Minimum Wage, Says NECA

The Nigeria Employers’ Consultative Association (NECA) has said every parameter will be considered before the committee will agree on a new minimum wage.

The parameters include inflation, exchange rate, cost of doing business, and the ability to pay.

Speaking with The Nation, the Director-General of NECA, Mr Adewale-Smart Oyerinde, who is also a member of the committee on new minimum wage, said they would discuss with employers with passion, open mind, good faith and will.

He said there is a standard parameter for setting up a minimum wage by the International Labour Organisation(ILO) and this would be adopted in their deliberation.

Oyerinde said the two key parameters are the need of workers and their families, and the economic context.

“We know that the expectation is very high for both the workers and the employers. For us, we are going into deliberation with an open mind and expecting candid conversations.

“And before we arrive at a meaningful minimum wage, we will sit down, look at those parameters and the realities on the ground within the context of the inflation rate, interest rate, ability to pay and the economy as a whole. Bringing those parameters together, hopefully, we can arrive at a workable, realistic and positive minimum wage for workers in 2024,” Oyerinde said.