News
Private Sector Urges Government for Support to Meet New N70,000 Minimum Wage
Following the recent agreement between the Federal Government and organized labor on a new minimum wage of N70,000, the Organised Private Sector of Nigeria (OPSN) has raised concerns about its capacity to meet this financial obligation.
The workers’ union had initially accepted the increase based on President Tinubu’s assurance of government support to facilitate the transition for private sector employers.
The OPSN is now urging the Federal Government to promptly outline the specifics of the promised support to enable businesses to plan effectively. The private sector is currently grappling with substantial production costs and other financial pressures.
Mr. Adewale-Smatt Oyerinde, Director-General of the Nigeria Employers’ Consultative Association (NECA), voiced these concerns on behalf of the OPSN.
While acknowledging the government’s efforts in approving the new minimum wage, he emphasized the need for additional measures to alleviate the burden on businesses.
These measures include reversing recent increases in electricity tariffs, ensuring that the Central Bank of Nigeria (CBN) fulfills outstanding financial commitments to companies in the productive sector, imposing a moratorium on new taxes and levies for the next five years, and providing exemptions and subsidies for imported conversion kits.
Oyerinde stressed the importance of implementing reforms that will enhance the private sector’s capacity to absorb the new wage levels.
He noted that during discussions with the National Minimum Wage Committee, the OPSN had previously expressed concerns about meeting the earlier recommended minimum wage of N62,000.
This recommendation was made with the understanding that the government would take concrete steps to mitigate the existing economic challenges facing the private sector.
The NECA Director-General underscored that the ability of the private sector to comply with the new wage demands is a critical issue that needs addressing.
It was reported that bandits were seen in Kwara State and abducted six residents from Rukpete Village.
The incident was reported to have occurred on June 8 at about 11 p.m.
Sources revealed that seven people were initially taken, but an elderly man was later released, leaving six victims in captivity.
The rising cases of insecurity in the country remain quite alarming.
The state of the country is affecting many people, as they believe nowhere is safe, including schools where they keep their children.
It has been reported that some parents have started withdrawing their children from schools in Abuja.
It can be noted that rumours of bandits being sighted near a school triggered panic, causing parents to hurriedly remove their children for safety.
While the reports of bandits have not been confirmed, the school has also issued safety measures to ensure the protection of students within the premises.
It has been rumored that bandits have made their way to Lagos, and allegedly they were spotted in Ibeju-Lekki, where some residents became suspicious of them and reported the matter.
A clip of the group of men went viral online, and many people became concerned. Whether true or not, fear has been sparked among Lagosians as they worry that bandits may already be in the state. Even if the reports remain unconfirmed, many believe it is still a possibility worth paying attention to.
Veekee James Celebrates 31st Birthday With Heartfelt Motherhood Message
Bovi Explains Why He Doesn’t See Every Divorce as a Failure
Tioruju Mondusi Opens Up on Most Painful Experience of His Life
-
Entertainment15 hours agoVeekee James Celebrates 31st Birthday With Heartfelt Motherhood Message
-
Entertainment15 hours agoTioruju Mondusi Opens Up on Most Painful Experience of His Life
-
News15 hours agoConcern Grows Over Rising Insecurity Following Kwara Abduction Case
-
Entertainment15 hours agoBovi Explains Why He Doesn’t See Every Divorce as a Failure
-
Sport15 hours agoLiverpool Confirm List of Players Set to Leave Club This Summer