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Any amount above ₦62k as minimum wage will create job losses - NECA

Nigeria Employers Consultative Association office. [Guardian]

Oyerinde said that the organised private sector cannot afford above ₦62,000 as agreed during the tripartite committee negotiation meetings.

The Nigeria Employers Consultative Association (NECA) says any amount above ₦62,000 approved as a minimum will create job losses.

Adewale-Smatt Oyerinde, Director-General of NECA said this while speaking with journalists on Tuesday in Abuja.

He spoke on the sidelines of the third edition of the Nigeria Employers Summit with the theme, “Economic Renaissance: Harnessing Government Reforms and Private Sector Agility,”

Oyerinde said that the organised private sector cannot afford above ₦62,000 as agreed during the tripartite committee negotiation meetings.

According to him, any figure above ₦62,000 will create two different dynamics – setting the tone for non-compliance and attendant litigations -.

He stressed that setting a national minimum wage that will take away the ability to pay will set the stage for litigation and crisis.

On the allegation of delay in the process, Oyerinde said that there was no delay as the process was ongoing, accordingly.

“There is no waiting game and I think we have to put all this in context. It is misinformation,’ he said.

He said after the tripartite committee recommends to the President, a bill is expected to be sent to the national assembly for legislation.

He said what the labour can advocate for, is a fast-track of the process.

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