THE issue of minimum wage or salary increase or by whatever nomenclature is a complicated policy issue. The wage increase is neither good nor bad, but as a policy choice, it must be tied to some ultimate objective and benchmarked on the projected cost of living and inflationary trends over a given period.
Expectedly a policy to help people experiencing poverty and create some semblance of equity within our socio-economic ecosystem, salary increases for government workers, albeit less than 25% of the workforce, will have ramifications. Given these difficulties evident in the new policy, government and labour leadership must play a balancing act to midwife a new salary structure that is fit for purpose yet germane to the multifaceted nuances of our current economic reality.
When implementing wage increases, government must exercise caution to ensure that its devotion to its responsibility does not have the reverse impact. Government must develop a robust economic plan to reduce cost of living as well as mitigate the ripple effects on low-income workers, SMEs, and the macroeconomy. We remember the infamous Udorji Commission saga and its economic impact.
United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: vanguardngrnews - 🏆 5. / 75 Read more »
Source: vanguardngrnews - 🏆 5. / 75 Read more »