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Business News of Monday, 16 January 2023


FG begins review of minimum wage

Naira notes Naira notes

The National Salaries, Incomes and Wages Commission (NSIWC) will initiate the process of reviewing the national minimum wage on January 23.

Recall that President Muhammadu Buhari signed the minimum wage act which approved N30,000 for both federal and state workers in 2019.

However, NSIWC spokesperson, Emmanuel Njoku said they decided to review the national minimum wage after holding series of training and meetings in preparation for nationwide monitoring of the act.

Njoku said: “The exercise will enlighten the public and private employers and organisations on the economic benefits of adhering to the payment of the national minimum wage.

“It will also help in obtaining baseline data on remuneration policies and practices of private sector organisations to enrich the commission’s data bank on staff compensation.

“The monitoring exercise will cover the 36 states of the federation including the federal capital territory.”