New Minimum Wage Approved: NYSC Members to Receive 70,000
In a major development, the Federal Government has approved a new minimum wage of 70,000 Naira, and National Youth Service Corps (NYSC) members are set to benefit from this increase. The announcement was made by President Bola Tinubu, who also promised to review the National Minimum Wage Law every three years.
The new minimum wage is a significant increase from the previous amount of 30,000 Naira, which was approved in 2019. The decision to raise the minimum wage comes after months of negotiations between the Federal Government and representatives of the organized labour.
NYSC members, who currently receive a monthly allowance of 33,000 Naira, will see a substantial increase in their stipends once the new minimum wage is implemented. The Director-General of NYSC, Brigadier General Shuaibu Ibrahim, had previously stated that the allowance of corps members would be increased “immediately the Federal Government starts the payment of the new minimum wage.”
The increase in the minimum wage is expected to have a positive impact on the economy, as it will put more money in the pockets of workers and boost consumer spending. However, some experts have expressed concerns about the potential inflationary effects of the wage increase.
The National Minimum Wage Law, which was enacted in 2019, sets the minimum wage at 30,000 Naira. The law also provides for the establishment of a National Minimum Wage Committee, which is responsible for reviewing the minimum wage every five years.
The new minimum wage of 70,000 Naira is a significant increase, and it remains to be seen how it will be implemented and enforced. However, it is a positive step towards improving the welfare of workers and ensuring that they are paid a fair wage for their services.
In conclusion, the approval of a new minimum wage of 70,000 Naira is a welcome development, and it is expected to have a positive impact on the economy and the welfare of workers. NYSC members, in particular, will benefit from the increase in their monthly allowance, and it is hoped that this will help to improve their standard of living during their service year.