MINIMUM WAGE: Bismark Rewane To Chair New Technical Committee
President Muhammadu Buhari has set up another committee on minimum wage.
The fresh committee will be chaired by economist and Managing Director of Financial Derivative Company, FDC Bismark Rewane.
The president while inaugurating the committee on Wednesday said it expects to complete its deliberations and submit its report and recommendations within one month.
So, what exactly is this fresh committee going to do?
According to the president, the terms of reference of the committee include:
- To develop, and advise government on how to successfully bring about a smooth implementation of impending wage increases;
- Identify new revenue sources, as well as areas of existing expenditure from where some savings could be made in order to fund the wage increases without adversely impacting the nation’s development goals as set out in the Economic Recovery and Growth Plan;
- Propose a work plan and modalities for the implementation of the salary increases;
- Any other suggestions that will assist in the implementation of this, and future wage increases.
The president had on December 19, 2018 while presenting the 2019 budget before the joint session of the National Assembly announced his intention to constitute the committee.
He said the committee would recommend “modalities for the implementation of the new minimum wage in such a manner as to minimise its inflationary impact, as well as ensure that its introduction does not lead to job losses”.
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