See why Electricity company increases workers salary

• Eko Electricity Distribution Company announced a 20% cost of living adjustment for employees to support financial stability
• EKEDC's board of directors approved the raise, emphasising their commitment to employee well-being and maintaining exceptional customer service
• The salary adjustment will apply to senior managers and below, while a 15% adjustment will apply to principal managers and above

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Eko Electricity Distribution Company (EKEDC) has announced a 20% cost of living adjustment for its employees, effective July 2024.

The company's board of directors approved the raise in response to the current economic climate, aiming to support the financial stability of its workforce.

EKEDC increase workers' salary Photo credit: Pius Utomi Ekpei
Source: Getty Images

A statement issued on Monday by EKEDC emphasized the company's commitment to its employees' well-being.

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The statement read:

"Through the increment, EKEDC aims to support its staff in maintaining their quality of life and ensuring they can continue to deliver exceptional service to customers."

Why EKEDC is increasing workers' salary

Oritsedere Otubu, Chairman of EKEDC's Board of Directors, praised the staff's dedication to improving customer service.

"Our employees are our greatest assets, and their dedication to improving our service to customers is admirable. We are proud of their unwavering commitment to achieving success, and we are, in turn, committed to improving their welfare."This adjustment is well deserved, and it is another call to continuous improvement as we work towards reaching our goal of a safe, reliable, and uninterruptible power supply."

Otubu also urged other companies to follow EKEDC's lead in supporting their employees during these challenging economic times.

Rekhiat Momoh, Acting Chief Executive Officer of EKEDC, expressed gratitude to the board for the salary adjustment, highlighting its importance in mitigating the effects of inflation and other economic pressures on staff.

Momoh stated:

"In these challenging times, we must support our employees who work tirelessly to serve our customers. This cost-of-living adjustment is a testament to our commitment to their welfare and our appreciation for their hard work."

She explained that the 20% adjustment would be reflected in the next payroll cycle and apply to senior managers and below, while a 15% adjustment would apply to principal managers and above.

She added

"This initiative underscores EKEDC's dedication to fostering a supportive and rewarding work environment."

NERC announces new rate for electricity tariff

Meanwhile, Legit.ng reported that the Nigerian Electricity Regulatory Commission reviewed the current electricity cost for the rest of the year.

The review, contained in its Multi-Year Tariff Order, was prompted by the currency appreciation seen in the last month.

From the present N1,463.3/$, the regulator announced that the new rate is now N1,277.8/$ and will serve as the benchmark rate. NERC announced that the currency rate used to determine Band A consumers' current electricity cost has been lowered by 16.03%.

Source: Legit.ng