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How Is Minimum Wage Calculated ? (55035 Views)
hafeeanubasy: 3:50pm On Jun 07, 2024 |
AmiableMosquito:That was what A.I told him ![]() I asked A.I the same question. I was just laughing at A.I until A.I now ended with a clause that the employer can decide different method. A.I is truly intelligent! 1 Like 1 Share |
triplechoice(m): 3:53pm On Jun 07, 2024 |
theowane: This very correct 6 Likes 2 Shares |
OffsahBoye(m): 3:59pm On Jun 07, 2024 |
theowane:Will this percentage be that of salary or of the increment in the wage Let's say the MW moved from 30-90k Will the increment be a percentage of the 90k or of the salary each level was collecting before? |
Triplerg: 4:00pm On Jun 07, 2024 |
Chimarto:This is misleading 2 Likes |
Babastrong(m): 4:01pm On Jun 07, 2024 |
[quote author=Chimarto post=130338849] The calculation is CURRENT SALARY X NEW MINIMUM WAGE ÷ OLD MINIMUM WAGE[ why are you saying what you don't know? Stop misleading people.] |
Timetravel88: 4:02pm On Jun 07, 2024 |
Beautifulday: There are still inflationary trends to be circumspect should the new minimum wage reflect across board in the civil service (which I understand isn’t usually the case). Nigeria not being a production based economy will be one of the driving forces towards hyperinflation if wages are increased without a commensurate GDP to keep things in balance. As purchasing power increases, prices of goods and services increases. This could have been contained if the local production capacity was at par with wage increment. More money in the hands of workers translates to more buying power in a market that’s dependent on imports which is vulnerable to foreign market forces. I’ll end my submission by positing that excess money in circulation (recurrent expenditure) without an active manufacturing sector is a prerequisite for inflation. 3 Likes 1 Share |
Babastrong(m): 4:04pm On Jun 07, 2024 |
[quote author=Chimarto post=130338906]For example current salary =70,000 new minimum wage = 120,000 old minimum wage= 30,000 70,000 X 120,000 ÷30,000 = 280,000[ you are one of the reasons nigeria is moving retrogressively. You live your life on assumption. ] 1 Like |
Triplerg: 4:05pm On Jun 07, 2024 |
There is no definite formula for the calculation. That is why you hear of consequential adjustment. One thing is certain, the lower cadre receives higher percentage than the higher cadre. The percentage increase is not a flat one.
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Babastrong(m): 4:06pm On Jun 07, 2024 |
[quote author=AmiableMosquito post=130340241]E no rhyme at all. I arrived at 90k+ instead of the 62k or thereabout I started receiving after the consequential adjustment [ don't mind the empty skull boy. They live on assumptions instead of facts.]
1 Like |
Basmec(m): 4:09pm On Jun 07, 2024 |
Triplerg: First of, the increase from 30k to 100k is not 70% but 333.33%. Secondly, the rise in minimum is a rise for those earning above minimum wage but by some percentage which most time fewer than the percentage rise in minimum wage. The % rise decreases with increase in grade level. Those that will suffer the impact are those working for private firms. They will eventually increase their minimum wage but worker earning above the far above the minimum wage should not expect significant increase and there will certainly be massive layoff 1 Like |
Babastrong(m): 4:10pm On Jun 07, 2024 |
[quote author=DaddyCoool post=130342161] There's no calculation at all. Never mind all the nonsense you've been reading. The law simply says you can't pay lower than a certain amount. THAT’S ALL! Any other salary above that is by negotiation - what you're willing to accept and what the employer is willing to pay Another nonsense [ very big nonsense. You see what i am telling you, they live on assumption. They are one of the reasons nigeria is moving retrogressively.] |
Smartcitizen: 4:14pm On Jun 07, 2024 |
phantom: You are the only person here who has explained this more than all the rest. 2 Likes 1 Share |
Triplerg: 4:15pm On Jun 07, 2024 |
Basmec:Yea, you get it. Most people think is a flat rate for all levels. If minimum wage is applied strictly in the private sector, there will be massive job cuts. 1 Like |
PrettySmart(m): 4:25pm On Jun 07, 2024 |
For a corp member Allawee = 33,000 Minimum wage = 30,000 New minimum wage = 100,000 To calculate New Allawee % increase 100k-30k/100k = 70% Then, increase = (0.7×33000) = 23,100 New Allawee = 23,100 + 33,000 = 56,100 |
traffiools: 4:27pm On Jun 07, 2024 |
Nkpitime:you're wrong too, it 232,% not 300%, peace!!! |
Kobojunkieee: 4:35pm On Jun 07, 2024 |
dreamxhaser:From Wikipedia, a minimum wage is the lowest remuneration that employers can legally pay their employees—the price floor below which employees may not sell their labor. Getting a raise is completely different from being paid at least minimum wage. ![]() 1 Like |
dre11(m): 4:36pm On Jun 07, 2024 |
Basmec: 30,000 to 100,000 isn't what you put up there... Do the maths its 233% 30:70 %Increase= (Final amount - initial amount) / initial amount 1 Like |
Kobojunkieee: 4:37pm On Jun 07, 2024 |
Chimarto:This makes no sense! ![]() |
lonelydora: 4:45pm On Jun 07, 2024 |
Chimarto: Assuming this is true, then watch me contest for my state's gubernatorial soon. You know how much I will earn? |
Babastrong(m): 4:47pm On Jun 07, 2024 |
See the rubbish they're saying below. One of the reasons we are where we are as a nation. They live on assumptions. What is difficult in keeping mute or go for first hand information. |
AmiableMosquito: 4:49pm On Jun 07, 2024 |
hafeeanubasy: ![]() ![]() |
AmiableMosquito: 4:49pm On Jun 07, 2024 |
TheDemola:Veey correct |
AmiableMosquito: 4:49pm On Jun 07, 2024 |
Emmy000seun: ![]() ![]() |
IbrahimSola: 4:50pm On Jun 07, 2024 |
bobbybrown007: There's what they call CONSEQUENTIAL ADJUSTMENT which is manually proposed, argued and agreed upon by the Minimum Wage Committee. This adjustment proposes and decides on what percentage will be increased for staff in each grade level band. E.g. if minimum wage increases from 30k to 100k as suggested in your question, that is not 70% like you said. Everytime money or anything doubles in value, that is called 100% increment. So, a shift from 30k to 100k is 333.33%. That is the salary increment for the least worker if implemented. The Committee will agree on the adjustments to make for each category of grade level. Eg: 1-2 to enjoy the 333.33% increment 3-5 to enjoy 250% increment 6-9 to enjoy 200% increment 10-12 to enjoy 100% increment 13-5 to enjoy 50% increment Etc etc Multiply your salary ( if consolidated) or your basic pay (if not consolidated) by the agreed percentage in your grade level and you will know your new salary. The question is, when will the politicians be placed on minimum wage? That is the strike that NLC should call for. Until the lawmakers earn what you're earning based on their qualifications and experience, MW is total nonsense. Prices will always rise to swallow whatever increment is made available because those making the laws are not affected. NASS MUST BE PAID ON MINIMUM WAGE. 2 Likes 1 Share |
AmiableMosquito: 4:50pm On Jun 07, 2024 |
agabaI23:Exactly. Thank you |
Dbeliever(m): 4:56pm On Jun 07, 2024 |
Oga you no get sense.
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TGLINKS(m): 4:59pm On Jun 07, 2024 |
Nawaaa 4 una oooo Soo all of una way go strike no fit explain minimum wage calculation ? Tell me how d private sectors go come take explain am to dia workers ? How casual workers go take understand am ? Chai nawaaaa ooooo |
23Ju: 5:00pm On Jun 07, 2024 |
The minimum wage increase only affects your basic salary. Note: basic salary is just a fraction of your tatal salary. You can get the basic salary from your pay slip. If the basic salary is 48,000, old mw is 30,000, new mw is 70,000. % increase=((70000-30000)/30000)×100 =133.33% 133.33% of 48,000 = (133.33/100)×48000=63,840 63,840 is now your new basic salary. So, your new salary will be 63,840 + sum of other components of you former salary. This was also the template i used when it was moved from 18k to 30k and i received exactly what i got from my calculation. 1 Like 1 Share |
QuinQ: 5:06pm On Jun 07, 2024 |
DaddyCoool: Exactly. I don't know where all these calculations are comming from nor the basis for them |
QuinQ: 5:10pm On Jun 07, 2024 |
23Ju: Minimum wage is by law. Please, on what law are all these calculations based? See my comment above |
braimeddy: 5:11pm On Jun 07, 2024 |
With this your calculation you are trying to say that someone that was earning 300k will now be earning 1.2million? Just dey play
Chimarto: 1 Like 1 Share |
Elusive001: 5:12pm On Jun 07, 2024 |
commoditiesnig: Does he have a job? |
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