₦airaland Forum

any ideas?

Nup

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?

I mean if they'll be compelled to review their salaries

Samhetalks:
I mean if they'll be compelled to review their salaries

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.

Thanks for the enlightenment.