The Chairman of BUA Group, Abdul Samad Rabiu, has announced a 50% salary increase for all staff members.
The decision was communicated through an internal memo signed by Mr. Mohammed Wali, BUA’s Head of Human Resources, on Sunday in Lagos.
According to the memo, Rabiu highlighted that the salary adjustment aims to alleviate the economic challenges prevailing in the country.
The increment applies to both permanent and non-permanent staff and will be effective from February 1, 2024.
- It stated, “Sequel to the above development, the Human Resources and Finance departments are processing the increase to ensure that it is captured in the February 2024 payroll.
- “It is hoped that with this magnanimous gesture, we will be more committed to our duties and put in our very best to justify the confidence reposed in us,”
What you should know
- Nigeria’s inflation has risen to an all-time high of 29.90% capping a consistent increase for 13months as of January 2024. The inflation rate is majorly propelled by cost of food and transport which gulps the bulk of Nigeria’s spending.
- To ameliorate the effects of skyrocketing inflation on Nigerians, companies have had to increase wages in recent times. Last year, some businesses mainly banks increased the salaries of their workers as a measure to cushion the effects of fuel subsidy removal.
- The federal government on its part has constituted a minimum wage review committee to negotiate a new minimum wage for the country in the wake of the prevailing cost of living crisis.
- However, the federal government had since last year began payment of N35,000 wage award to augment salaries of federal government workers in the after the removal of fuel subsidy. Although, the payment has been inconsistent.
- Recently, the Chairman of the Nigerian Labour Congress (NLC) suggested a N1million minimum wage stating that the prevailing economic condition in the country justifies it.