The presidency has officially announced the effective date for the new minimum wage and assured back payments to eligible employees.
According to a recent statement, the new minimum wage will see a substantial increase from N30,000 to N70,000 per month. This increase will be applicable to all federal civil servants. The presidency also guaranteed that back payments, dating from May 2024, will be made to those who qualify for the new wage.
This decision came after extensive negotiations between the government and labor unions, who have been pushing for an increase for several years.
The new minimum wage is anticipated to have a favorable impact on the country’s economy. Increased wages are expected to boost consumer spending, which in turn will stimulate economic activity. To maintain its effectiveness, the presidency has committed to regularly reviewing the new wage to keep up with inflation and the cost of living.
Key aspects of the new minimum wage include:
- The minimum wage has been increased from N30,000 to N70,000 per month.
- Eligible workers will receive back payments dating back to May 2024.
- The new wage applies to all federal civil servants.
- Regular reviews of the wage will be conducted to ensure it aligns with inflation and living costs.
