By OMA | 23-05-2019 | Business |
While Labour Congress of Nigeria, Minister of labour and Productivity, National Assembly and the Presidency shift the ball around on why the New Nigerian National Minimum wage has not been implemented, Nigerian workers are salivating and hoping the New minimum wage takes effect any time soon.
Hopefully to come with month of May Salary.. Hopefully. As civil servants wait ernestly.
Here is a little piece of advice for workers in this category.
A wise man once said "Salary is medicine to manage poverty". It never cures poverty.
Salary never gets you wealthy, What is a take home if it truly never takes you home
Multiple streams of incomes should be encouraged at this times when we are not particularly in a surplus in our economy haven just exited a recession
Diversification, get something to fetch extra income after your regular work..
Anyway.. Here is how to calculate the new minimum wage you are expecting.
The formula is simple.
X = (a+b) ÷ c.
Where X is = Your New Salary in waiting.
a = Your present Salary as it stands today.
b = Proposed New Minimum wage.
c = Previous Minimum wage.
Here is a very simple example for those of us that failed mathematics in WAEC.
If your current monthly salary = #25,000
Then after new minimum wage is implemented you should expect..
X = (25,000 × 30,000) ÷ 18,000
X = 41,666.66.
So, a civil servant with current salary of 25,000 should be expecting approximately #42,000 after New minimum wage is implemented.
This is not a time to marry new wives oooo. Invest wisely, diversify, go into agriculture atleast if you cant do anything else.
A word is enough for the wise.
OMA reporting for omascope.com Business desk.