Skip to main content

Minimum wage increased from GH¢13.53 to GH¢14.88


 The National Daily Minimum Wage (NDMW) has been increased from GH¢13.53 to GH¢14.88.

The National Tripartite Committee (NTC), made up of the government, organised labour and employers, agreed on the new wage below which no one should be paid.

The new NDMW, which takes effect from January 1, next year, is a 10 per cent increment over the 2022 NDMW.

The NTC has also pegged the cost-of-living allowance (COLA) at 15 per cent of the new NDMW.

Communique

A communique issued by the NTC yesterday said all institutions must adjust their daily minimum wages and COLA to conform to the new rates.

All establishments, institutions or organisations whose daily minimum wages are below the new rates should adjust accordingly, effective January 1, 2023.

“Any establishment, institution or organisation that flouts the 2023 NDMW shall be sanctioned in accordance with the law,” it warned.

The parties also recommended that the new NDMW be exempted from tax.

The communique was signed on behalf of the government by the Minister of Employment and Labour Relations, Ignatius Baffour Awuah; the President of the Ghana Employers Association (GEA), Dan Acheampong, on behalf of employers, and the Secretary-General of the Trades Union Congress, Dr Anthony Yaw Baah, on behalf of organised labour.

Section 112 of the Labour Act, 2003 (Act 651) establishes the NTC, which is made up of the Minister of Labour, as chairperson, and five representatives each from the government, employers organisations and organised labour.

Per Section 113 of Act 651, the NTC determines the NDMW and advises the government on employment and labour market issues
Section 113(2) of Act 651 enjoins the Minister of Labour to publish in the gazette and the media any new NDMW as determined by the NTC.

It is pursuant to the above statutory provision that the new NDMW has been published.

Comments

Popular posts from this blog

MTN Ghana & MTN MoMo CEOs win laurels at Ghana CEO Awards

  The Chief Executive Officer of MTN Ghana, Selorm Adadevoh ,   has been adjudged  CEO of the Year  –  Telecom  at the  2 nd  edition of the  Ghana CEO  Vision  and  Awards   held  in Accra. At the same event, the CEO of Mobile Money Limited (MTN MoMo), Shaibu Haruna was also adjudged CEO of the Year – FinTech Service Provider. Selorm  Adadevoh’s award  is in recognition  of  his   achievements   in the areas of   sustainability, leadership excellence, innovation and others  in the telecoms space  which  has contributed to  job creation to support the  growth of Ghana’s economy. Patrick Afari (r), General Manager, Supply Chain Management and General Services receiving CEO of the Year – Telecom Award on behalf of Selorm Adadevoh Receiving the award on behalf of Selorm, Patrick Afari, General Manager, Supply Chain Management and General Services ,  expressed appreciation to the organizers for the award. He  noted that  th e  award will go a long way to inspire MTN to do more for Ghanaian

EB-ACCION DISBURSES US$15 MILLION

By Fred SARPONG Ecobank-Accion (EB-Accion), a partnership between Ecobank Ghana Limited and Accion International has disbursed amount to the tune of $15 million to over 36,000 borrowers in Micro, Small and Medium Enterprises (MSMEs) sector in the country, since the institution was set up barely six months ago. Frances Adu-Mantey, the Managing Director of EB-Accion disclosed this to Business Week in Accra last week during the official opening of Accion Hub headquarters in Africa. The institution’s current portfolio stands at GH¢4 million. She stated that currently, EB-Accion have over 6100 customers who save with them throughout the four branches of the institution. According to her, in order to improve the services of the institution, Ecobank Share Services center will facilitate the technology aspect of the bank by networking all the branches of EB-Accion. Maria Otero, President and Chief Executive Officer of Accion International said that the center’s staff in Accra will provide supp

Amantin & Kasei Community Bank posts impressive growth, with over GH¢1m profit

 Amantin and Kasei Community Bank, at Amantin in the Bono East Region has posted impressive growth in all the performance indicators during 2022 financial year under review. The bank recorded profit after tax of GH¢1,055,662, representing 35.66% more over the 2021 figure of GH¢778.151. This achievement stemmed out of 49.24% gross income growth from GH¢8,143,526 to GH¢12,153,537. Total deposits of the bank went up by 36.20%, changing from GH¢50,959,848 in 2021 to GH¢69,405,591 in 2022. The bank increased loans and advances by 22.15% from GH¢14,128,017 to GH¢17,257,614. Total assets showed an appreciation of 29.32%, amounting to GH¢77,918,288 as against GH¢60,250,693 in the previous year. On the other hand, the bank posted a marginal increase in short term investments portfolio from GH¢24,439,761 to GH¢26,585,698, indicating 8.78% change. The Chairman of Board of Directors, Amantin and Kasei Community Bank, Dr. John Oduro-Boateng, disclosed this during the 18th annual general meeting of