President Bola Tinubu is set to convene a meeting with members of organized labor today to address the issues hindering the approval of a new minimum wage for Nigerian workers. A reliable source within the labor union informed the press that the president has extended an invitation to the leadership of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) for a meeting scheduled to take place at the Presidential Villa. The source revealed that Tinubu intends to engage in discussions with the leadership of both labor centers regarding the government and private sector’s proposal of N62,000, in contrast to the labor’s demand of N250,000.
It was disclosed that Tinubu aims to facilitate a consensus with the labor representatives during the meeting. This development comes nearly a month after the president’s commitment, articulated in his Democracy Day address on June 12, 2024, to present an Executive Bill on the new national minimum wage to the National Assembly for legislative approval.
In a separate event, the President of the NLC, Joe Ajaero, expressed dismay over the plight of retired workers in the country. Speaking at the 2024 National Pre-retirement Summit held in Abuja, Ajaero advocated for a return to the previous pension scheme. He highlighted the alleged N260 billion pension arrears owed by the federal government, with an additional N40 billion attributed to federal parastatals. Ajaero underscored the prevalent apprehension among workers concerning their post-retirement circumstances due to the lack of security provided by the current pension system.
Ajaero pointed out that some states have outstanding pension arrears spanning up to eight years. He also noted that numerous private companies have been reported to withhold pension contributions deducted from employees’ salaries, exacerbating the financial challenges faced by retirees. The NLC president lamented the depreciation of the Naira, the primary currency for pension funds, which has resulted in financial instability for retirees.
Moreover, Ajaero criticized the current pension system for failing to fulfill its core purpose of ensuring financial security and peace of mind for retirees. He highlighted the distressing reality that retired individuals are often plagued by health issues and premature deaths due to the financial hardships imposed by the pension scheme.
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