President Biden raises the hourly minimum wage to $15/N6,750

By March of next year, the new minimum wage of $10.95 will have increased by almost 37%, and any rises will be tied to inflation
President Biden established a White House Task Force on Worker Organizing and Empowerment — helping empower workers to make the right choice for themselves and their families

In Summary

  • According to senior White House officials, President Joe Biden will issue an executive order raising salaries for hundreds of thousands of federal contract employees to $15 per hour.
  • By March of next year, the new minimum wage of $10.95 will have increased by almost 37%, and any rises will be tied to inflation.

President of the United States, Joe Biden, has raised the minimum wage for federal contract workers to $15 per hour, equivalent to N6,750 at the parallel market exchange rate of N450 per dollar.

Biden made the announcement on his Twitter account on Tuesday, informing all staff in the United States of the progress.

In Nigeria, the monthly minimum wage is N30,000 ($66) in the face of economic hardship, perpetuating poverty among the people as food prices and other necessities increase on a daily basis.

He said,
“I believe no one should work full time and still live in poverty. That’s why today, I raised the minimum wage to $15 an hour for people working on federal contracts.”

According to The PUNCH, President Muhammadu Buhari submitted an executive bill to the National Assembly in 2019 to amend the National Minimum Wage Act, following a series of lengthy and acrimonious dialogues between employees, employers, and the government.

In April 2019, Buhari signed the bill into law, raising the minimum wage from N18,000 to N30,000.

In addition, the National Assembly is currently debating a bill that would empower states to independently set the minimum wage that is acceptable for them.

Currently, the Nigerian government retains exclusive authority over the negotiation and determination of the national minimum wage for jobs across all three levels of government.

The bill, which aims to amend the 1999 Constitution by transferring wage-related issues from the Exclusive Legislative List to the Concurrent Legislative List, narrowly passed second reading due to bipartisan support.

When the bill is signed into law, state and local governments will have the ability to regulate and set different salaries for their employees.