‘New wage regime imperative to counter recession ‘

The World Vice President of Global Industrial Union, Comrade Issa Aremu says for the nation to overcome her current economic recession, government must increase the wage bill of the workforce. Aremu made the observation in Ilorin at the weekend, while speaking at the interactive forum between the Kwara State House of Assembly and organized labour […]

The World Vice President of Global Industrial Union, Comrade Issa Aremu says for the nation to overcome her current economic recession, government must increase the wage bill of the workforce.

Aremu made the observation in Ilorin at the weekend, while speaking at the interactive forum between the Kwara State House of Assembly and organized labour unions on the contributory pension scheme before the legislature.

He explained that workers’ purchasing power had reduced drastically, thereby adversely affecting other sectors of the economy, noting that unless there is a new wage regime in the country, the contributory pension scheme would not be a reality.

Aremu who cited the Central Bank of Nigeria report to justify his position, said the country needed a new wage regime to keep  the nation’s economy and praised the legislature for organising the discussion forum.

He said the contributory pension scheme would enhance life after retirement for workers and enjoined the Legislature to be fair in its passage of the bill, to make it practicable and sustainable.

In his submission, the Chairman of the State Chapter of the Nigerian Labour Congress, Comrade Yekeen Agunbiade observed that it would be difficult to deduct 8% minimum mandatory contribution from the meagre salary of workers, due to loan repayment by workers, decline in federal allocation, there by making it unrealistic for the state government to key into the programme now.