{"id":111420,"date":"2024-04-30T03:27:56","date_gmt":"2024-04-30T07:27:56","guid":{"rendered":"https:\/\/africatodaynewsnewyork.com\/?p=111420"},"modified":"2024-04-30T03:27:56","modified_gmt":"2024-04-30T07:27:56","slug":"real-reason-i-increased-minimum-wage-to-%e2%82%a670000-obaseki","status":"publish","type":"post","link":"https:\/\/africatodaynewsnewyork.com\/2024\/04\/30\/real-reason-i-increased-minimum-wage-to-%e2%82%a670000-obaseki\/","title":{"rendered":"Real Reason I Increased Minimum Wage To \u20a670,000 \u2014 Obaseki"},"content":{"rendered":"<p><strong>The Governor of Edo State, <a href=\"https:\/\/africadailynews.net\/2022\/11\/03\/why-cbns-naira-redesign-plan-is-purely-political-obaseki.html\">Godwin Obaseki<\/a> has provided reasons why he increased the minimum wage from \u20a640,000 to \u20a670,000 in Edo State even though the Federal Government was yet to announce the new benchmark.<\/strong><\/p>\n<p>Obaseki made this known when he spoke in an interview on Channels Television\u2019s Politics Today on Monday night.<\/p>\n<p>Africa Today News, New York recalls that prior to the announcement of the N70,000, Obaseki paid \u20a640,000 paid as against the \u20a630,000 national minimum wage.<\/p>\n<p>The governor said with the depreciating value of the country\u2019s currency \u2013 the naira \u2013 and the rising cost of living, it made sense to introduce a new minimum wage for state workers.<\/p>\n<p><em>\u201cLet us understand this new minimum wage calculation. In 2011, when the minimum wage was N18,000, the exchange rate was N160\/$ and so effectively workers in Edo State were taking home about $120 as minimum wage.<\/em><\/p>\n<blockquote><p><em><strong>Read Also: <\/strong><a href=\"https:\/\/africatodaynewsnewyork.com\/2024\/04\/09\/i-wont-drag-power-with-obaseki-new-edo-dep-gov\/\">I Won\u2019t Drag Power With Obaseki \u2014 New Edo Dep Gov<\/a><\/em><\/p><\/blockquote>\n<p>\u201c<em>When we increased the minimum wage to N40,000 in 2022, the exchange rate at that time was N450\/$ so effectively, workers were getting about $96.\u201d<\/em><\/p>\n<p><em>\u201cToday, 2024, with the N70,000 minimum wage at the current exchange rate of N1,257\/$, what they are taking home is $55 which is less than 50 per cent of what they were earning about a year ago.<\/em><\/p>\n<p><em>\u201cFor us in Edo State, we believe that the issue is about productivity; paying people well so that they can produce more and not pretending that you are paying them some salary when you know that that salary cannot motivate them to produce the goods and services that you require.\u201d<\/em><\/p>\n<p>Obaseki said his government had to introduce the new minimum wage for workers in Edo State to reflect the current economic realities of the country.<\/p>\n<p>He said, \u201c<em>We are taking measures as a state to mitigate the situation that we found ourselves in today.\u201d<\/em><\/p>\n<p>He said with the digitisation of work in the state,\u00a0 government has been able to save money which will be channeled to other areas including the payment of wages.<\/p>\n<p>\u201cSo, we don\u2019t spend [so much] money on stationery and all those costs used to run the government,\u201d he said.<\/p>\n<p>The governor added that the state has also reduced the cost of energy by looking at alternative sources.<\/p>\n<p><a href=\"https:\/\/africatodaynewsnewyork.com\/\"><strong>Africa Today News, New York<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Governor of Edo State, Godwin Obaseki has provided reasons why he increased the minimum wage from \u20a640,000 to \u20a670,000 in Edo State even though the Federal Government was yet to announce the new benchmark. Obaseki made this known when he spoke in an interview on Channels Television\u2019s Politics Today on Monday night. Africa Today [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":111448,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":"","footnotes":""},"categories":[6928],"tags":[15473,17435,14561],"class_list":["post-111420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feature","tag-edo-state","tag-godwin-obaseki","tag-minimum-wage","pmpro-has-access"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Real Reason I Increased Minimum Wage To \u20a670,000 \u2014 Obaseki<\/title>\n<meta name=\"description\" content=\"The Governor of Edo State, Godwin Obaseki has provided reasons why he increased the minimum wage from \u20a640,000 to \u20a670,000 in Edo\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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