***Reduces the time for Periodic Review of Minimum Wage from 5 to 3 years
THE Senate has passed a bill that seeks to amend the National Minimum Wage Act, 2019, to increase the National Minimum Wage from N30,000 upward to the sum of N70,000.
Also passed by the Senate on Tuesday is a bill, inter alia that seeks to reduce the time for periodic review of the National Minimum Wage from Five (5) years to Three (3) years, and for Related Matters.
A Bill for an Act to Amend the National Minimum Wage Act, 2019 to increase the National Minimum Wage and reduce the time for periodic review of the national minimum wage from five years to three years and for related matters, 2024, 2024 (SB. 550) was presented by the Senate Leader, Senator Opeyemi Bamidele, APC, Ekiti Central.
The Executive bill forwarded to the Senate by President Bola Tinubu was first presented for the first reading, then scaled second reading and was read the third time and passed.
In his lead debate on the general principles of the bill, Senator Bamidele said, “Mr. President, Distinguished colleagues, I humbly rise to lead the debate on the general principles of the National Minimum Wage (Amendment) Bill, 2024 (SB. 550). The Bill, inter alia seeks to amend the National Minimum Wage Act, 2019, to increase the National Minimum Wage and reduce the time for periodic review of the National Minimum Wage from Five (5) years to Three (3) years, and for Related Matters.
“The Bill was read for the First Time today, 23rd July, 2024.
“You will recall, Mr. President, my dear Colleagues, that in recent times, a plethora of agitations and clamours have been recorded from Organised Labour and another segment of our society, for an increase in the National Minimum Wage given the prevailing economic situation in the country. In response to the agitations and after a series of negotiations between the Federal Government and the Organised Labour, the current National Minimum Wage of N30,000 Naira only has been reviewed upward to the sum of N70,000 Naira only.
