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Minimum wage increased to GHS14.88p effective new year

The Daily Minimum Wage has been increased to GHS14.88p effective, 1 January 2023.

This is an increase from the previous GHS12.53p which took effect in June 2021.

Also, there will be a “15 percent cost of living allowance over the 2023 NDMW.”

The new minimum wage, was determined taking into account, “current economic challenges, cost of living, sustainability of businesses, and desirability of attaining a high level of employment, as well as the need for rapid restoration of macroeconomic stability,” according to a statement following a meeting held by the National Tripartite Committee (NTC) on Wednesday, 16 November 2022.

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It was proposed by the NTC that the NDMW be exempted from Tax.

The NTC cautioned organisations against paying workers below the Minimum Wage.

It further directed that companies paying employees below the Minimum Wage to review it to reflect the 10 percent increase.

Organisations which do not comply with the new Minimum Wage effective January will be sanctioned.

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Source: Classfmonline

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