Labour says N70,000 minimum wage inadequate for decent living
The Association of Senior Staff of Banks, Insurance and Financial Institutions, ASSBIFI, has said the N70,000 national minimum wage is inadequate to guarantee a decent standard of living for Nigerian workers.
The union made the position known in Lagos on Wednesday, saying the current wage was insufficient to meet workers’ basic needs amid rising costs of living.
Acting National President of ASSBIFI, Fanimokun Adesina, said workers deserved wages that could support their families and provide a dignified standard of living.
“The worker deserves living wages, not the N70,000 stipend that does not take the worker to the bus stop,” Adesina said.
He said the rising cost of food, transportation, healthcare, housing and education had further reduced the purchasing power of workers.
Adesina described as unacceptable a situation where the national minimum wage could not purchase a bag of rice or cover the monthly rent of an average family.
He called on the Federal Government to introduce measures to reduce the cost of living and improve workers’ welfare.
“We demand wages that enhance living standards and social protection that guarantees dignity and after-work survival,” he said.
Adesina also called for improved national security, saying insecurity and economic hardship were affecting workers’ ability to live and work safely.
Meanwhile, the Federal Ministry of Labour and Employment said it was working towards reviewing relevant labour laws to reflect changes in workplace practices.
The ministry’s Southwest Zonal Director and State Controller, Mienye Badejo, said existing labour laws needed to take account of emerging arrangements such as hybrid and flexible working.
She said the ministry would continue to engage stakeholders as part of efforts to review the relevant laws.
