The National Tripartite Committee (NTC) has announced a 22% increase in the 2024 National Daily Minimum Wage (NDMW) following negotiations held on Monday, 13th November 2023 in Accra.
Considering various factors such as the challenges in the current economic climate, the cost of living, and the need to sustain businesses while promoting higher employment rates, the NTC made the following conclusions:
- The NDMW will be increased by 22% compared to the 2023 rate, resulting in a new NDMW of GHS18.15.
- The implementation of the 2024 NDMW will commence on 1st January, 2024.
- All establishments, institutions, or organizations that currently have a daily minimum wage lower than the new rate must adjust their wages accordingly from 1st January, 2024.
- Any establishment, institution, or organization found to be non-compliant with the 2024 NDMW will face appropriate sanctions as per the law.
Furthermore, the NTC has recommended that the 2024 NDMW should be tax exempt, aiming to alleviate the financial burden on workers who earn the minimum wage.
These decisions by the NTC aim to strike a balance between the needs of both workers and businesses.
While ensuring fair wages for employees, the committee also encourages economic sustainability and aims to foster a higher level of employment in the country.