By Isaac Nwoye
The demand for 494,000 naira is the lowest sum for workers in ministries, departments and government establishments of the government both at federal and States.
This means the least qualified workers probably in the grade level 03 which may be school leaving certificate.
The labour union and trade union congress after all deliberations and consideration of other economic variables which includes but not limited to the present economic difficulties insists that the immediate solution for it’s members is increase of the cash.
A near definition of the former Ugandan president order to the central bank governor to “print more money”
The NLC and TUC in trying to show up for it’s members are talking tough on securing higher pay package than talking against economic policies which will balance the inflation rate in the country.
Fiscal policy measure will determine the power of the currency available and expendable. The factors that determines the extent to which cash in circulation could satisfy it’s need is the economic stability derived from economic indicators of aggregate available economic stimulants.
These stimulants are but not limited to:
– Government policies
– The exchange rate
– Export rate
– Productive industries
– Employment rate
– External reserve
– Security
– Ease of doing business etc
Any review that shut above 5% is not calculated based on any economic system management or principles. It is sentimental and not in conformity with a progressional analysis in growth.
One item can’t be selected for growth in the midst of other composite dwindling fortune across other segments of the economy.
The 60,000 naira accepted by government is 100% of the last known minimum wage. The rise is not in conformity with growth in other economy in the country. The government in agreeing to this is as a result of weaponry strike threat of the NLC and TUC and not as a result of economic calculus.
The 494,0000 naira is about 1500% increase and it is hiper inflation rate against the economy, the receivers( beneficiaries) and the rest of us.
Recall that the employed numbers of the society is less than 15% of the total population. Those employees are insignificant to the suffering public and the determination of the actual people who need the protection of the NLC and TUC are above 80% of the people of Nigeria who are struggling from different small scale businesses with unattended concern either from labour or government.
To this extent, labor is caring about themselves without a concern for the macro economic stability of the economy which will be able to give the market woman a good earning to maintain the modest pricing in the market.
This is fundamental as bags or loads of cash will have no purchasing power in the market if the relative correlation coefficient of variants affecting the market woman is unattended.
The same is with other self engaged workers, artisans and small scale businesses entrepreneurs.
Labour should rather demand amongst others:
– Agricultural revolution to boost production of crops for export.
– Ease of doing business for entrepreneurs
– Establishment and grants to SMEs
– Free and compulsory education
– 5 or 10 % salary increase
– Support to manufacturers especially the revitalizing of Ajaokute steel company and all local cement manufacturers.
– Establishment of rail transportation.
– Revitalization of the Refineries in port Harcourt,Warri and Kaduna States that the price of fuel comes down to 80 naira per liter.
– Health subsidy
– Housing subsidy etc
Labour union and it’s leaders should answer this question:
*What value do you have when a bag full of money could not buy 10 liters of fuel*
Indeed, labour union leaders and the TUC should let us know the maximum wages they have been collecting and the output in tangible calculation to the services in public offices they occupied.
The rest of us that are unemployed, without retirement benefits, no pension and no work face unprintable bureaucracy in your offices without a union of unemployed to strike for us.
We are in the same market, the same country with no union but face the same challenges at school for our children and other situations daily. Electricity tariff has been increased under your very leadership and we are still waiting for your actions.
But your minimum wage is much more important.
You embark on strike whenever you want without considering the fate of your disadvantaged population.
While we share the plight of our workers whose take home are not capable of measuring a living wage as aptly dictioned in the labour palace,we hope the leadership of the NLC and TUC should have a broader concern for Nigerians than the workers alone.
And perhaps understand that plenty of cash is not a healthy economics.
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