The Committee on Consequential Adjustments in Salaries has confirmed that the new minimum wage will take effect from July 29, 2024.
This was revealed in a Memorandum of Understanding issued after the committee’s recent meeting.
The MoU stated, “The NSIWC will generate the appropriate salary templates for other consolidated salary structures for implementation; the effective date of the implementation shall be July 29, 2024.”
This development is part of the National Minimum Wage Act 2024, signed into law by President Bola Tinubu on July 29, 2024. The Act increases the national minimum wage from ₦30,000 to ₦70,000, representing a 133% increase.
The National Salaries, Incomes, and Wages Commission will create the necessary salary frameworks to facilitate the new wage structure.
The 16-member committee is tasked with ensuring the effective implementation of the Act. Their responsibilities include negotiating and agreeing on consequential adjustments in salaries and developing a comprehensive template for applying the approved minimum wage across different salary structures.
The committee’s work is crucial in guiding the implementation of the new wage policy.
The National Minimum Wage Act 2024 aims to improve living standards for workers across various sectors. Key provisions of the Act include the new minimum wage rate of ₦70,000, a review period shortened from 5 years to 3 years, and coverage that applies to all workers, including clerical and manual laborers.
With the committee’s work and the National Salaries, Incomes, and Wages Commission’s guidance, the new wage policy should be implemented smoothly and uniformly.
