Monthly minimum wage: ~$82 is that too much to ask? - page 2.

sheenshane

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Quote from: CryptopreneurBrainboss on January 29, 2019, 12:52:01 PM

snip-

Great news for the Nigerian Wink

Maybe because they were able to fool the mass before by giving them a low compensation rate and as your people did not have an option, they were forced to accept the job even if the salary isn't that enough. Maybe the mass protest will help and will be effective since you have mentioned that your country's election is coming up in February.
This issue must be considered and must have the attention of the next candidates to solve. I do understand that Nigeria is one of the richest nations when it comes it economics but the people were fooled by the national administration. You people need to stand up and show them what you want and what you deserve!

CryptopreneurBrainboss

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BREAKING: Nigeria House of Representatives approve N30,000 (approximately $82) new monthly minimum wage

baobao2000

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I am very sorry to hear this story. I think the minimum wage depend on living standard, GDP and a lot of reasons. I think some time a place has good economy, it actually don’t need a minimum wage, because no one want to work for a low salary. It just like buy and sell, if everyone want to buy an item, then the price will go up itself anyway, and if everyone want to sell the item, then the price will be very low. Maybe Nigerian politicians tied to lower the minimum wage to attract more investors, but the economy problem can’t be only resolved by lower the wage. Most investors also look into other aspects, like infrastructure, laws, education etc.
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Kiir

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Quote from: Harkorede on January 09, 2019, 01:29:34 AM

I'm talking about a country where a Senator gets ~ $38,928 per month, ~ $467,136 per annum which is doubled the value of what the US Vice President ($233,000) gets per annum. A little wonder why politics in the country is always a do or die affair.

So we have politicians getting 39K$ per month and while minimum wage is 82$ (and that's, as they say, too much)

Is it only me that sees that the real problem isn't the min wage (at least not right away), lol?

EDIT: We in Croatia have it somewhat bad, but not like this. I truly feel for all of you and hope you get out of it, one way or another. GL!

darklus123

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Quote from: KingScorpio on January 09, 2019, 08:06:22 AM

there is no point increasing average wage if productivity isnt growing

So you mean that when people has this certain( rate for example: 50repacks of goods) they will be earning a certain amount (eg: $10). Then this person is not eligible for an wage increase if this person can make more than 50repacks a day?.

If thats the case then there is no point of having a seniority level. And also if the products are slowly getting a priced increase it would be fatal for a standard person of the community to survive

countryfree

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Yes, $82 is too much for Africa. It would just push more people to work in the grey economy. Even in developed countries, minimum wages are a problem, so it can only be worse in Nigeria, and most of Africa. Heavy business regulations and minimum wags should be only in highly developed countries, with a high standard of living.

Mpamaegbu

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My broda, the NLC even shot itself in the foot by agreeing to accept that meagre N30k. I would've expected that it stood its ground at N40-45k as minimum wage. Again, it's not quite true that for almost a decade now it hasn't been increased. Remember that GEJ increased it from N9k to N18k. It's just that it is long overdue for another increment.

LTU_btc

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Quote from: CristianOff on January 08, 2019, 02:15:31 PM

This is very wrong for everyone.
You don't go from $50 to $82 overnight. That's impossible for businesses operating in
least developed countries. Instead, the Nigerian government should have done it organically,
meaning that after 1 year, the minimum wage was increased from $50 to $55, after another year
from $55 to $60, after another year from $60 to $65.
I know it's not a big different from $50 to $82 however as a business scales, it becomes impossible
to give 'that much' to so many people.

I agree with you. It's impossible to increase minimal wages from $49 to $82 immediately. Imagine yourself being businessmsn in suhch scenario (I'm not talking about large corporations with huge profits) who owns small or medium company. From where you would take 2x money to pay wages. Don't forget that if wages will increase you will have to pay more taxes. Only thing that you can do in such case - increase prices of your production or service to get money for salaries. So, if wages will increase by that much people will not feel that because they will have to spend much more money for food and other stuff that they need. It's normal that governments increasing minimal wages only step by step. I perfectly understand that people aren't happy about it, it's normal, but you should understand that increasing minimal wage by 2x is impossibke in normal conditions.

Artemis3

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Quote from: CryptopreneurBrainboss on January 08, 2019, 04:14:51 AM

The Nigeria Labour Congress are requesting for an increase in the minimum wage of her workers from N18,000 dollar equivalent = ~$49 to N30,000 =~$82. There's a law that states that every 5years a new minimum wage should be implemented but for the past (almost) decade no new minimum wage have been set.
Why am I writing this?, Today there's said to be a planned mass protest and if their agreement isn't met, the NLC will embark on a nationwide strike and this will lead to the shut down of the economy of the nation not forgetting that we have our election coming up February.

Don't worry, in "socialist" Venezuela the min wage is $3,33 and will probably become $2 tomorrow. Tomorrow they are probably going announce a new "increase", but you can't race hyperinflation, it is pointless. Eventually even if they increased the min wage everyday, the real wage would keep going down faster, as it has done in the past 6 years.

I don't agree with min wages, it should be left to the market. The only thing min wages do, is remove a means of income to a group of the population. If you are not allowed to employ cheaply for menial works, you simply don't offer those job positions anymore.

There should be no min wage, period. It should be your personal decision to work or not work under those conditions.

Quote from: KingScorpio on January 09, 2019, 03:45:28 PM

inflation usually balances out salary increases.

Obligatory salary increases ironically induce inflation...

KingScorpio

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Quote from: CryptopreneurBrainboss on January 09, 2019, 11:33:26 AM

Quote from: KingScorpio on January 09, 2019, 08:06:22 AM

there is no point increasing average wage if productivity isnt growing

The last time minimum wage increase was 2011, it was increased from N7,500 to N18,000. Price per dollar was N158/$ so it increased from ~$48 to ~$114 since then, Nigeria became the biggest income in Africa 2017 that's to show you how productivity have increased over the years.

inflation usually balances out salary increases.

BADecker

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If somebody can value your worth to the point that they can place a minimum wage value on your property (your labor), then you are their slave.

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CryptopreneurBrainboss

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Quote from: KingScorpio on January 09, 2019, 08:06:22 AM

there is no point increasing average wage if productivity isnt growing

The last time minimum wage increase was 2011, it was increased from N7,500 to N18,000. Price per dollar was N158/$ so it increased from ~$48 to ~$114 since then, Nigeria became the biggest income in Africa 2017 that's to show you how productivity have increased over the years.

KingScorpio

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there is no point increasing average wage if productivity isnt growing

darklus123

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Its because of the corruption and that really sucks and if you think that you already had a worse situation i just want to tell you that in my place somewhere in the Philippines has only $168 as min wage for a month of work.

Jetcash is somehow right. Because of this sudden reason. Since we are rich in agriculture. Most of the people here investing in this type of living

TECSHARE

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Dictating market prices for any resource from the top down never works without significant negative effects created, most of which directly counter their so called benefits.

Harkorede

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Quote from: Jet Cash on January 08, 2019, 10:00:57 AM

The big problem with minimum wages is that they can discourage employment. This is especially true as we enter a new age of automation.

Exactly, but I wonder how the Government find it hard to pay such fee as its minimum wage, It is just about equivalent to what a 50Kg bag of rice is sold for in the country.

Quote from: Jet Cash on January 08, 2019, 10:00:57 AM

Nigeria has a rich store of minerals, and good agricultural land, so its inhabitants should be prosperous.

It's very sad to see even people other countries tell us this. It is more disheartening to know the cost at which the country is being run with such under-performance and extreme level of mediocrity, I'm talking about a country where a Senator gets 750,000 naira per month plus allowances of 13.5 million naira per month, that's a total of 14.25 million naira ~ $38,928 per month, that's 171 million naira ~ $467,136 per annum which is doubled the value of what the US Vice President ($233,000) gets per annum. A little wonder why politics in the country is always a do or die affair.

Quote from: ATMD on January 08, 2019, 11:07:57 AM

From this article, I read that the low literacy rate and sparse electricity are factors which contribute to the low wages.

I can tell you that the cost of living is way higher than you could imagine, An average resident living in an apartment of 4 flat(in building) lagos would pay about ~ $15 for electricity that would barely be available for 6 hours or less per day, each month.

saulzaents

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Wow that's actually sickening to realize how certain countries can expect its citizens to survive off such little pay.
Even with a monthly increase of $49 to $82, if you factor in the family aspect then it's really not much of an increase.

Per wikipedia:
18,000 naira per month (was $115 but following the recent devaluation of the naira has fallen to $58, or $38 using the parallel market rate).
On 25 September 2018, Nigerian workers embarked on a national strike to force government to increase the minimum wage to 56 thousand Naira $154).

CristianOff

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This is very wrong for everyone.
You don't go from $50 to $82 overnight. That's impossible for businesses operating in
least developed countries. Instead, the Nigerian government should have done it organically,
meaning that after 1 year, the minimum wage was increased from $50 to $55, after another year
from $55 to $60, after another year from $60 to $65.
I know it's not a big different from $50 to $82 however as a business scales, it becomes impossible
to give 'that much' to so many people.

ATMD

member

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Merit: 12

Quote from: CryptopreneurBrainboss on January 08, 2019, 04:14:51 AM

The Nigeria Labour Congress are requesting for an increase in the minimum wage of her workers from N18,000 dollar equivalent = ~$49 to N30,000 =~$82. There's a law that states that every 5years a new minimum wage should be implemented but for the past decade no new minimum wage have been set.
Why am I writing this?, Today there's said to be a planned mass protest and if their agreement isn't met, the NLC will embark on a nationwide strike and this will lead to the shut down of the economy of the nation not forgetting that we have our election coming up February.

Nigeria was one (don't know if we still are) of Africans richest nation with a GDP of over $376.4 billion +/- but can't pay her workers a minimum wage of $82 monthly. An average American if he/she works 3hour daily in one month considering he/she works 25days earns a minimum of $525 i.e $7 per hour, An average South African earns minimum of $277 monthly can someone tell me where we got it all wrong? Why is our governments finding it difficult to pay her workers a minimum wage of ~$82 monthly when the average governors earns a minimum of $50,000 not including his monthly allowances.

I read that the low literacy rate and sparse electricity are factors which contribute to the low wages.

Still though, $82 is a surprisingly low figure.

Jet Cash

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The big problem with minimum wages is that they can discourage employment. This is especially true as we enter a new age of automation. Nigeria has a rich store of minerals, and good agricultural land, so its inhabitants should be prosperous. As an outsider I have the impression that there are two problems - crime gangs and a corrupt political system. I believe that most of the generals are Sandhurst trained, and have thus been exposed to the Eton/Oxford elite that rule the world. I read one report that stated that all the generals are billionaires. If this is true, then I imagine it is the result of military coups, and the diversion of foreign aid.

As with most countries, the solution is not the imposition of further restrictions on industry and commerce, but a change of government policies to encourage economic growth.

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