The Chairman of BUA Group, Abdul Samad Rabiu, has announced a 50% salary increase for all staff members, as revealed in an internal memo signed by Mr. Mohammed Wali, BUA’s Head of Human Resources, on Sunday in Lagos.
This decision aims to mitigate the impact of the economic hardship currently faced in the country. The salary increment will be applicable to both permanent/regular and non-permanent staff, effective from Feb. 1, 2024.
In the memo, the BUA chairman expressed hope that this gesture would boost commitment and encourage employees to give their best to justify the confidence placed in them.
Nigeria’s inflation has reached an all-time high of 29.90% as of January 2024, driven primarily by the rising costs of food and transport.
To address the challenges posed by soaring inflation, companies have been increasing wages. Last year, several businesses, particularly banks, raised their workers’ salaries to alleviate the impacts of fuel subsidy removal.
The federal government has also established a minimum wage review committee to negotiate a new minimum wage amid the ongoing cost of living crisis.
In response to economic conditions, the Chairman of the Nigerian Labour Congress (NLC) recently proposed a N1 million minimum wage.
