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Nairaland Forum / Nairaland / General / Politics / Foreign Affairs / Will Increase In Minimum Wage Affect The Banking Sector? (573 Views)
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Will Increase In Minimum Wage Affect The Banking Sector? by Samhetalks(m): 12:51pm On Mar 31, 2019 |
any ideas? |
Re: Will Increase In Minimum Wage Affect The Banking Sector? by roughcoin12: 1:49pm On Mar 31, 2019 |
Nup |
Re: Will Increase In Minimum Wage Affect The Banking Sector? by panafrican(m): 3:07pm On Mar 31, 2019 |
What you mean ? Do you mean "will the banking sector also be compelled to increase minimum wage" or are you talking about the indirect effect minimum wage increase will have on the banking system? |
Re: Will Increase In Minimum Wage Affect The Banking Sector? by Samhetalks(m): 5:53am On Apr 01, 2019 |
I mean if they'll be compelled to review their salaries |
Re: Will Increase In Minimum Wage Affect The Banking Sector? by panafrican(m): 7:44am On Apr 01, 2019 |
Samhetalks: They must comply with the labour rules and regulations otherwise either or all the following might happen : 1. Being fiined by the government. 2. Their Union workers taking them to court or/and going on strike . 3. Their Union workers taking the issue before the I.L.O ( international Labour Organization) https://en.m.wikipedia.org/wiki/International_Labour_Organization 4. Private sector business owners filing a lawsuit against the government for favoritism and discriminatory practices. This been said, if the banking system complied with minimum wage increase, like any other For- profit business they will minimize the costs and increase profit by taking either or all the following steps: 1. Downsizing 2. Increasing penalties ( overdraft fee , etc.). 3. Lowering interest rates on saving accounts etc. |
Re: Will Increase In Minimum Wage Affect The Banking Sector? by Samhetalks(m): 11:36pm On Apr 01, 2019 |
Thanks for the enlightenment. |
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