Biden raises minimum wage to $15/N5,700 per hour (N4.2m monthly)
United States President, Joe Biden, has raised the minimum wage of those working on federal contracts to $15 per hour which is equivalent to N5,700 at the official exchange rate of N379 per dollar.
This means that each worker would be able to go home with $10,950 monthly (N4.2 million).
This comes amid debates in Nigeria over the N30,000 minimum wage per month for workers which is equivalent to $66.
Biden took to his official Twitter account on Tuesday, to inform all workers in America of the development.
He wrote; “I believe no one should work full time and still live in poverty. That’s why today, I raised the minimum wage to $15 an hour for people working on federal contracts.”
Meanwhile, recall that in 2019, President Muhammadu Buhari forwarded an executive bill to the National Assembly for amendment of the National Minimum Wage Act after prolonged and heated negotiations between the workers, employers and the government.
Buhari signed the passed bill into law in April 2019, raising the minimum wage from N18,000 to N30,000.
Some states have, however, been unable to pay the new wage.