Following several hours of intense meetings on Friday, the Federal Government and the organised private sector have decided to increase their proposed new minimum wage to N62,000, up from the previous offer of N60,000.
In contrast, the organised labour has revised its demand, lowering it from N494,000 to N250,000.
These discussions mark the conclusion of the deliberations on the new minimum wage by the tripartite committee, which was established by the Federal Government several months ago.
The committee’s recommendations will now be submitted to President Tinubu. He is expected to forward an executive bill to the National Assembly for legislative consideration and action.
With the tripartite committee, constituted in January this year, having completed its task, the next steps lie with President Bola Tinubu and subsequently the National Assembly.
