How to calculate the New Minimum wage salary, N70,000: Presient Tinubu approves the new Minimum wage

Why Should Employees Know Their New Salary?

Understanding the new minimum wage is crucial for employees. Here’s why:

1. Financial Security: Knowing your salary helps you plan your finances effectively. It allows you to budget for essential expenses, savings, and investments.
2. Negotiation Power: Armed with knowledge about the minimum wage, employees can negotiate better terms with their employers. If your salary falls below the minimum, you have grounds to request an adjustment.
3. Legal Rights: Employees should be aware of their rights. By knowing the minimum wage, you can identify any discrepancies and take appropriate action.

President Tinubu’s Announcement

On July 18, 2024, President Bola Ahmed Tinubu approved a new minimum wage of N70,000 for Nigerian workers. This decision followed consultations with labor leaders, including representatives from the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC).

Key Points About the New Minimum Wage

• Amount: N70,000 per month.
• Review Cycle: The national minimum wage law will be reviewed every three years.
• Impact: The increase aims to alleviate the cost-of-living crisis faced by workers.