Businesses Oppose the Suggested Minimum Wage

Over the planned National Minimum Wages between the federal government and the labor unions, the Organised Private Sector (OPS) and entrepreneurs nationwide have taken offense.

Their complaints were about how the national minimum wage, if it passes into law, will affect their companies.

The president is currently considering a suggested salary of N62,000 for ascension, despite the fact that labor is still demanding at least N100,000, which OPS claims they lack the resources to pay.

Because of this, the Organized Private Sector (OPS) has voiced concern over the ongoing agitation over the New National Minimum Wage, stating that going above N62 000 may force sector members to reduce staff.

Even so, the Federation of Informal Workers of Nigeria (FIWON) has stated that it is willing to accept any decision that comes from the talks between labor and the federal government.

Adeyemi-Smatt Oyerinde, the director general of NECA, warned against overstretching the employers of labor in OPS, who have already been driven to the brink by the current economic downturn, in a conversation with LEADERSHIP.

Oyerinde asserts that everyone's discussions are now far more challenging due to the present state of the economy.

It is important to remember that the Committee's objective was to examine a new national minimum wage, not a general increase in salaries, he said.

He regretted that many companies had already departed the nation due to their incapacity to weather the storm and stated that these conversations can be a different ailment that would impact them.

He told him, "Many businesses have either folded, relocated, or reduced their operational capacity, with consequential effects on job security, in the current circumstances and even prior to the inauguration of the Tripartite Committee." As a result, the private sector took those indices into account before deciding to back down and make the N62,000 offer. Any amount above this will undoubtedly have an impact on job security.

"As far as we are concerned, the report that the Tripartite Committee submitted to the Federal government fulfills their mandate. We are awaiting action from the Commander-in-Chief and the President.

The Manufacturers Association of Nigeria (MAN) was contacted, but attempts to gain a response were unsuccessful since the DG would not to reply to calls as well as messages.

Professor Ife Adewunmi, who teaches environmental engineering, civil engineering, and water resources at Redeemers University in Ede, has spoken on the minimum wage controversy and disagrees with the labor union's demand.