Business News of Friday, 4 June 2021
Source: 3news.com
2021-06-04
According to the commission, they know cost of living is going up
The Chief Executive Officer of the Fair Wages and Salaries Commission, (FWSC) Dr. Edward kwapong has admitted that, the 6% increase in wages may not be adequate but workers should bear with the commission as it expects a rebound of the economy to turn things around.
The commission says it took into consideration the sustainability of jobs to prevent mass redundancies.
The National Tripartite Committee made up of employers, organized labour and government increased the minimum wage from 11.82 % in 2020 to 12.53 %. The review took effect on Friday, 4th June, 2021. The committee also negotiated for the 2022 salaries which is pegged at 13.53 % and takes effect on 1st January, 2021.
Dr. Kwapong said “We took into consideration the constraints of all the partners to prevent tension. Ability to pay is the golden rule. Do you have the ability to sustain your business?
And you know cost of labour as a percentage of total operating cost is a major consideration for every entrepreneur so much as you see it as insignificant we are doing this to sustain jobs in this country”.
He told Host of the Sunrise Morning Show on 3FM Alfred Ocansey.
According to Dr. Kwapong it is true cost of living is going up but it is a matter of two options that are really difficult to handle so the commission chose the better of the two margins.