Monthly minimum wage: ~$82 is that too much to ask?

[Artemis3]

Value of money is different in different places. $100 per month might be plenty for you to live somewhere while you'll starve on some other place.
So the minimum salary should depend on the cost of living.
And you can't compare the bitcoin's price inflation to the inflation of a country. A quick research yielded Nigeria's inflation has average around 11.3. Considering a 12 percentage inflation in last 4 years, the current minimum wage is an improvement from the last one.

No it should not! There should be no minimum wage at all. Why mess with the natural processes that take place in every ecosystem?
You have a need for a worker, you offer him/her salary, you negotiate. If It's too low he won't work for you, if it's too high you'll be losing money and risk going bankrupt or operating on 0 profit.

What happens when the government decides how much you should be paying your employees? If it's too much for you you as an employer will have to look for cuts. You'll fire one employee and divide the work among the rest. Minimum wage is stupid.

This is exactly the way it should be. Minimum wages destroys a type of job, that is too small for a formal wage, and yet brings a type of income or extra income to some people.

Besides my "socialist" country now pays about 2 USD per month, and no one wants to work here anymore. Why work full time where you can earn the same 1 hour playing some computer game online farming?. But now all infrastructure is collapsing as well. More beauties of socialism, nobody fixed the phones so why bother with phones (and the "best" internet here uses the land lines, its adsl).

The irony is that under the pretense of socialism, this country has in fact abolished the minimum wage. But, because there are no freedoms to business or the economy, it is useless for investors. We ended with the worst of both worlds, and the benefits of neither. Free healthcare that doesn't provide healthcare, because there are no medics willing to work for 2~4 USD a month and no country willing to manufacture medicine at those prices? (and the local production disappeared for the same and even more aggravating "socialist" reasons, ie. taking the means of productions, but not letting the workers decide things and not letting them procure whats needed for production or even set up prices for survival of the company, resulting in: closure. Everyone is without a job.

The more you let a government meddle, the worst it becomes. Trust me, i saw it happen in front of my own eyes. If you think things are bad in a free market economy, its only because you haven't lived survived a central planned one...

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[squatz1]

I don't fully understand how we've went from talking about Min wage on this thread, to literally talking about inflation and how bitcoin is the answer.

Do I think that a cryptocurrency could help a country like this with no real stable currency - yes. But I don't think Bitcoin is going to be able to be that currency unless bitcoin is going to be able to send money fast and cheap.


There are so many other coins that could work out there for overseas transfer: look at something like Stellar.

[Spendulus]

The Nigeria Labour Congress are requesting for an increase in the minimum wage of her workers from N18,000 dollar equivalent = ~$49 to N30,000 =~$82. There's a law that states that every 5years a new minimum wage should be implemented but for the past (almost) decade no new minimum wage have been set.
Why am I writing this?,  Today there's said to be a planned  mass protest and if their agreement isn't met, the NLC will embark on a nationwide strike and this will lead to the  shut down of the economy of the nation not forgetting that we have our election coming up February.

Nigeria was one (don't know if we still are) of Africans richest nation with a GDP of over $376.4 billion +/- but can't pay her workers a minimum wage of $82 monthly. An average American if he/she works 3hour daily in one month considering he/she works 25days earns a minimum of $525 i.e $7 per hour, An average South African earns minimum of $277 monthly can someone tell me where we got it all wrong? Why is our governments finding it difficult to pay her workers a minimum wage of ~$82 monthly when the average governors earns a minimum of $50,000 not including his monthly allowances.

What is the output of the country's production? That must be higher, several times higher than whatever you think minimum wage should be.