The Association of Senior Staff of Banks, Insurance, and Financial Institutions (ASSBIFI), has urged the federal government to exercise its powers under the exclusive legislative list and take action against deliberate violations of minimum employment conditions by states, corporate entities, and multinational organisations.
National President, Association of Senior Staff of Banks, Insurance, and Financial Institutions (ASSBIFI), Olusoji Oluwole, made this appeal at the World Day for Decent Work 2023 held in Lagos over the weekend.
Speaking on the theme “Pay Rise: A Necessity for Decent Standard of Living” he stressed the importance of the government reviewing the Trade Unions Act of 2004.
Oluwole said that this particular section of the Act has been misused by unscrupulous employers and management to undermine the democratic spirit in which it was enacted by the government.
“The current labour law dates back to 2004, almost two decades ago in an ever-changing economy. The Labor and Trade Unions Acts still impose fines or penalties of N100 and N1000 for serious violations. Urgent action needs to be taken,” Oluwole said.
He stressed the significance of wage increases for employees in order to create an economy that places a high priority on the welfare of most individuals.
“The National and State governments are aware that Nigerian workers are underpaid. Decent pay in Nigeria is attainable if the government demonstrates commitment and takes steps to combat corruption practices and reduce the cost of governance,” Oluwole said.
According to him, the celebration of the World Day for Decent Work rekindles hope that one day wage justice, workplace rights and privileges, freedom of association, and the ability to bargain freely will become standard practice in Nigerian workplaces.
Guest speaker, Bayo Owolabi urged the federal government to promote small and medium-sized businesses (SMEs), solve security issues, invest in human capacity development, foster a production-centered economic model, and diversify the economy.
