Worried about the rising cost of living in the nation which has negatively affected the workers’ income, the CEO of Stine Industries Ltd, producers of Anambra Rice, Chief Akai Egwuonwu has risen to the occasion.
Chief Egwuonwu who has the title of Ijele Anambra has taken a significant step in ensuring that his employees receive a fair wage to show his concern about the economic hardship plaguing the nation.
The industrialist who is also the CEO of Zara Stores Ltd has made it a point of duty to pay the new minimum wage of ₦70,000 introduced by the Federal Government of Nigeria to cushion the effects of economic strangulations to workers.
With a workforce of approximately 2,000 employees, Chief Akai Egwuonwu believes paying the minimum wage is morally right.
He advocated that the implementation of the new salary scheme should be the concern of every employer of labour to ameliorate the sufferings of the workers.
He also noted that even the upward review of the minimum wage should not be considered adequate for the employees given the soaring prices of commodities and transportation cost because of the prevailing economic situation.
This decision aligns with the National Minimum Wage (Amendment) Act 2024, with the aim of ensuring fair labour practices in Nigeria amidst the country’s economic challenges.
The Act increases the minimum wage rate from ₦30,000 to ₦70,000 and shortens the review period from five years to three years.
Chief Egwuonwu’s commitment to paying the minimum wage demonstrates his dedication to his employees’ well-being and the community at large.
As a prominent business leader, his actions have set a positive example for other employers to follow.
By paying the new minimum wage, Chief Egwuonwu and his group of companies are contributing positively to a more equitable society and promoting fair labour practices in Nigeria.
