• May 29, 2023 5:34 pm

Salary Negotiation And Loan Affordability In 2023


Dec 2, 2022

Effect Of Salary Negotiation On Loan Affordability In 2023

1. It is no longer news that both labour unions and the government have taken an entrenched position on the salary percentage increase for public sector workers. The current situation will definitely have an effect on loan affordability in 2023

See also: 5 Major Reasons Labour Unions Want Minimum 60% Salary Increase, According To TUC, That Needs Members Support

2. It also looks like the state of price levels in the country has woken up leaders of labour unions, unlike the previous years where they easily accept peanuts for their members, while article 71 holders cut the national cake the way they want it.

3. Based on the current status of the salary negotiations between labour and government and the fact that the government have already presented an annual budget using their own assumed figure, it is clear that any salary increase will not take effect immediately in January. However, any salary increase could actually take substantive effect from January but the difference in the salary paid in January will have to be paid as an arrears

See also: Teachers In Tuobodom S.H.S Issued Directive To Forfeit December Salary For Not Preparing Lesson Notes 

4. On the premise that public sector workers will not be credited with any salary increase in January, public sector workers must prepare themselves for not having the opportunity to access bank loans in the first quarter of 2023.

5. With respect to the fact that accessing of loans is highest in February of each year, according to statistics, due to the reason that workers receive a pay-rise in January each year and so use their accrued loan affordability to take such loans, the situation is about to change.

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6. If you are thinking of using January or February loan affordability to access loans, it is the right time to re-plan since loan affordability in 2023 will be greatly affected without actual salary increment.

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