KEY POINTS
- Oshiomole criticize wages that are inadequate, and correlate them to instability in the economy.
- He warns that poor compensation makes workers vulnerable to manipulation in which they are paid less while the company is making a profit.
- The NISS leaders and DSS agreed that fair wages are critical for national security.
Former Edo State governor Adams Oshiomhole, has confessed that Nigerian workers may not be feeling the full impact of recent minimum wage increases.
Oshiomhole, speaking at the Distinguished Personality Lecture organized by the National Institute for Security Studies (NISS), said that low wages establish a cycle of hardship which leaves such workers open for exploitation and radicalization.
The need for fair wages
He said to raise motivation, economic stability and productivity, there is need for fair wages. He also said workers face fluctuating salaries and job insecurity, the importance of collective bargaining and the right to strike for fair wages.
Inflation eats into purchasing power, and the recent wage increases are already insufficient to afford a decent standard of living, Oshiomhole said.
Security and productivity require wage fairness
According to Vanguard, Oshiomhole’s concerns were shared by NISS Commandant Joseph Odama and DSS Director General Adeola Ajayi who said that fair wages are essential for economic growth and to reduce workers’ vulnerability.
A well structured reward system was important in boosting worker motivation and productivity, but poorly designed policies could hurt national growth and demoralize the workforce Odama said.
