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Will Increase In Minimum Wage Affect The Banking Sector? - Foreign Affairs - Nairaland

Nairaland ForumNairaland GeneralPoliticsForeign AffairsWill Increase In Minimum Wage Affect The Banking Sector? (760 Views)

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Will Increase In Minimum Wage Affect The Banking Sector? by Samhetalks(op): 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(op): 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):
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.
Re: Will Increase In Minimum Wage Affect The Banking Sector? by Samhetalks(op): 11:36pm On Apr 01, 2019
Thanks for the enlightenment.
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