Organised Labour Demands Annual Wage Adjustments to Combat Inflation
The Trade Union Congress (TUC) has called for a significant shift in Nigeria’s minimum wage policy, advocating for annual adjustments to reflect the impact of inflation.
TUC President Festus Osifo, during an appearance on Channels Television’s “Politics Today,” emphasized the need to move away from the current system of infrequent minimum wage reviews.
“We believe that waiting five years to adjust the minimum wage is no longer tenable,” Osifo stated. “Instead, we propose that the government annually adjust the minimum wage to account for the cumulative inflation rate over the past year.”
He explained, “For instance, if the National Bureau of Statistics releases an inflation figure of 35 percent for December 2024, the minimum wage should be adjusted accordingly, effectively increasing its value to reflect the eroded purchasing power.”
Osifo further emphasized that this approach would ensure that the minimum wage remains a living wage and provides workers with a reasonable standard of living.
“We have initiated discussions with the Nigeria Labour Congress on this matter and will continue to advocate for this policy change in 2025,” he concluded.