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14.02.2005 Business & Finance

20% Increase In Salaries?

By The Statesman
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Government is looking forward to enhancing the economic power of workers for the full course of the year by increasing the minimum wage by at least 20 per cent or more.

This could place the new rate very close to ¢13,000 and further push the minimum wage above the $1 mark.

Currently the minimum wage stands at ¢11,200.

Across board, public sector workers can expect their wage package to go up.

Though a lower rates of inflation and a relatively stable cedi have kept the purchasing power of Ghanaian workers relatively strong, the soon to be announced increases in petrol prices emanating from deregulation are expected to hit consumer prices quite hard, at least in the next two to three months….

The real task would be in keeping inflationary pressures down.

The Finance Minister Kwadwo Baah Wiredu is to present his first budget statement to Parliament on Thursday, February 24, 2005 and the citizenry expect announcements on salaries.

Since December 2000, people within the lowest bracket have seen their daily minimum wage move up from ¢2,9000 to ¢11,200 well in excess of the cumulative rate of inflation for the period.

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