Title: TRADE UNIONS AND MINIMUM WAGE NEGOTIATION: ANALYZING REAL WAGE VERSES NOMINAL WAGE IN NIGERIA
Authors:
Joseph I. Amuka (PhD), Stan A. Ukeje (PhD), Anthony O. Agu (Phd), Chukwudi F. Ezeudeka (PhD) and Mrs. Bernadette C. Onah (PhD)
Abstract:
Hardly a month passes in Nigeria without one trade union giving her employer notice of intending strike. The incessant agitation for better wage and the strike that follows has made Nigeria industrial relations system highly volatile with loss of productive hours. Against the backdrop, the authors examined whether trade unions in Nigeria are skillful in their minimum wage bargain, or whether Nigerian Workers are victims of money illusion. Historical data were generated and analyzed visa-vis basic consumption between 1974 and 2022using descriptive analysis. Findings reveal that Nigerian workers were on higher consumption in 1981 compared with later minimum wages. This makes them victims of money illusion as they do not understand the difference between real wage and nominal wage.
Keywords: Trade Unions, Wage, Negotiation, Workers, Victims, Money Illusion.
PDF Download