Explanations to the NLC 10% Minimum wage and 15 % COLA for 2023
2023 Minimum wage
What percentage has salary been increased with
Will salaries be increased by 10%? or 15%
Official Communique by NTC
COMMUNIQUÉ BY THE NATIONAL TRIPARTITE COMMITTEE (NTC) ON THE 2023 NATIONAL DAILY MINIMUM WAGE
In line with Section 113 (1) (a) of the Labour Act, 2003 (Act 651), the National Tripartite Committee (NTC) concluded negotiations on the determination of the 2023 National Daily Minimum Wage (NDMW) at its meeting held on Wednesday, 16th November, 2022 in Accra.
In determining the 2023 NDMW, the NTC took into account the current economic challenges, cost of living, sustainability of businesses and desirability of attaining higher level of employment, as well as the need for rapid restoration of macroeconomic stability.
The Committee concluded as follows:
1. An increase in the NDMW by 10% over the 2022 NDMW which translates into a new NDMW of GHS14.88; and
2. A Cost-of-Living Allowance (COLA) of 15% over the 2023 NDMW.
The effective date for the implementation of the 2023 NDMW shall be 1st January 2023.
All establishments, institutions or organizations whose daily minimum wages are below the new rates should adjust accordingly effective 1st January, 2023.
Any establishment, institution or organization that flouts the 2023 NDMW shall be sanctioned in accordance with the law.
The NTC recommends that the 2023 NDMW should be tax exempt.
Explanations
The Daily minimum pay for any worker in Ghana should not be less than GHS14.88 effective 1st January 2023.
Any company that marks you less than 14.88 must review it latest by 1st January 2023.
The minimum Wage which is GHS 14.88 Should not be taxed
Will salaries be increased by 10%? or 15%
The Answer is not yet, Relax
To our understanding, all Public sector workers are paid more than the minimum wage hence now that minimum wage has been established as 10% of the previous the following will then happen.
The Labour Unions will now start their calculations and negotiations ( with regards to new base pay) as the minimum wage has been revised.
The Union leaders will now sit for a salary negotiations with the new Minimum wage in mind and current state of the economy.
A Cost-of-Living Allowance (COLA) of 15% over the 2023 NDMW.
In other Practice when COLA is given and there is salary negotiations, the percentage increment is actually that of the COLA on a new base pay.
On that Note, The Unions leaders have assured us the salary Negotiations will Start Tomorrow 17th November, 2022.
Standby for increment.
We hope you are at Peace Now…..
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