"Does Your Income Seem Insufficient? Here’s How You Can Boost It"

Someone once said, “employees work just enough not to get fired and employers pay just enough so workers don’t quit.” This statement is true in many ways. Many employees in Nigeria tend to only increase the pay of their staff when they get the hint that they want to leave or when they receive their resignation letter.

The issue of remuneration is getting worrisome as employees hardly salaries they deserve. Worse still, the salaries often do not arrive on time in many instances. Consequently, many Nigerians are forced to look for green pastures overseas.

To understand how bad the issue of salaries are in the country, here are some quick facts.

A glance at facts
In December 2017, the Nigerian Bureau of Statistics (NBS) released figures about unemployment rate in Nigeria which currently stands at 18 million. The figure sums up the population of those who are actually unemployed and those that are underemployed. Going by trend in previous stats, it’s easy to see that unemployment has been growing worse for the last 2 years.

The population of those employed is estimated to be 69 million. If we go by the general belief that our population as a nation is 180 million, one can safely say that just 1 in every 4 Nigerians is fully employed. The rest of the workforce has to deal with being misfits at their work place or settle with earning far lower than what their industry offers globally.

Now it’s apparent to know why there is restlessness on the part of the youths in the country. Frustration has made many delve into shady activities on the cyberspace while others engage in crime that often lead to loss of lives and properties. They may not have planned doing such but pent up frustration has a history of remaking good people.

The blunt truth is that the available jobs are unavailable to go round.

Nigerian minimum wage in comparison with other countries around the world
While the Nigerian minimum wage remains transfixed at N19, 800 despite calls for an upward review by the Nigerian Labour Congress, every other thing has increased. The current wage bill was approved when inflation was at single digit and has since not reflected the rise in the inflation rate to double digit.

For a quick comparison, here’s a list of 10 minimum wage rates across the world.
1. Nigeria - $35 - (N18, 000)
2. Algeria - $135 - (N83, 000)
3. Belgium – $1, 738 - (N810, 000)
4. Cameroun – 36, 270CFA - (38,000)
5. Chad - $120 - (N60,000)
6. Denmark - $1, 820 - (N900, 000)
7. Libya – $430 - (N190, 000)
8. Cote Di’voire – 36, 607CFA
9. Spain - $760 - (N300,000)
10. Luxemburg - $2,500 - (1.1m)

The above was a comparison complied in the first quarter of 2017. Evidently, even many African countries have higher minimum wage than Nigeria which is bad for a country that boasts of itself as the giant of Africa.

A look at one more report
A research report was carried out last year by Lagos-based online platform, Stutern, to determine how much Nigerian graduates earn. After its research, Stutern released surprising (or not too surprising) statistics about the salary distribution of employed graduates. The research made use of data available from 2010-2016. Here’s the statistics they published.

1. 25 percent of employed graduates earn less than N20, 000 monthly.
2. 52 percent of employed graduates earn N20,000 to N50, 000 monthly
3. 15 percent of employed graduates earn N50,000 to N100,000 monthly
4. 6 percent of employed graduates earn N100, 000 to N150, 000 monthly.
5. And only about 2 percent earn above N150, 000.

Would the whole salary structure change in Nigeria soon?
This is one question that many people would wish to answer with a “yes.” However, it may not be so any time soon as the pattern in the statistics released by the Nigerian Bureau of Statistics (NBS) have indicated.

How then can you increase your monthly income?
The above presentation of facts was necessary so you can wake up (if you have been sleeping) to the current reality on ground.
While there’s no guarantee that there would be rapid increment in how much you take home monthly, you actually have the power to increase your income. Quite a number of Nigerians have discovered this fact and have come to terms with it. Rather than sit and lament lament and wish something could change, they took a different approach to earning by working online.

Working online is a tested and trusted way of earning income online. It can serve as an alternative source of income or even your main source of income (if you want it to and work towards it.) You can still work online even if you have your regular job.

While a lot of people have been confused about how to begin, the two reliable ways in which Nigerians have been earning by working...

More: http://www.nigeriaonlinebusiness.com/2018/03/does-your-income-seem-insufficient.html