In a significant departure from conventional norms, Abdul Samad Rabiu, Chairman of BUA Group, has announced a groundbreaking decision to increase salaries by 50% for all staff members. The revelation came through an internal memo signed by Mr. Mohammed Wali, BUA’s Head of Human Resources, circulated on Sunday in Lagos.
The memo elucidated Rabiu's intention to address the prevailing economic challenges in the country through this salary adjustment. Notably, the increase applies to both permanent and non-permanent staff and is set to take effect from February 1, 2024.
"Sequel to the above development, the Human Resources and Finance departments are processing the increase to ensure that it is captured in the February 2024 payroll. It is hoped that with this magnanimous gesture, we will be more committed to our duties and put in our very best to justify the confidence reposed in us," the memo stated.
This decision by BUA Group reflects a proactive response to Nigeria's escalating inflation rate, reaching an all-time high of 29.90% as of January 2024. The move aligns with a broader trend, as various companies have increased wages to mitigate the impact of rising inflation on their employees. The federal government has also taken steps, including initiating a minimum wage review committee to negotiate new wages in response to the cost of living crisis.
As the BUA Group takes this commendable step, it stands as a beacon of corporate responsibility, navigating the challenges posed by the economic landscape and emphasizing the welfare of its workforce.
