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Tax-free free wage announced: National daily wage increased- National Tripartite Committee (NTC)
The National Tripartite Committee (NTC) released a communiqué indicating the new increment of daily wage at the national level.
The committee concluded on 1st January, 2023 as the effective date for the implementation of the 2023 NDMW.
Again, they also recommended that the 2023 National Daily Minimum Wage (NDMW) should be tax-free free (except tax).
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The committee said in line with their Section 113 (1) (a) of the Labour Act, 2003 (Act 651), they have concluded negotiations on the determination of the 2023 National Daily Minimum Wage (NDMW) at the meeting dated November 16,,2022 in the capital, Accra.
The committee added that in determining the 2023 NDMW, the NTC took into account the current economic challenges, cost of living, sustainability of the business, use, and desirability to attaining a higher level of employment, as well as the need for rapid restoration of macroeconomic stability.
According to the communiqué released, the NTC stated the following as their outcome (concluded on) from the meeting:
- An increase in the NDMW by 10% over the 2022 NDMW which translates into a new NDMW of GHS14.88; and
- A Cost-of-Living Allowance (COLA) of 15% over the 2023 NDMW. The effective date for the implementation of the 2023 NDMW shall be 1st January 2023.
All establishments, Institut, ions, or organizations whose daily minimum wages are below the new rates should adjust accordingly effective 1st January 2023.
Any establishment, insistence, union, or organization that flouts the 2023 NDMW shall be sanctity with the law.
The NTC recommends that the 2023 NDMW should tax-exemptempt.
Recommended;
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