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Is The ‘Competitive Salary’ Winning?
Median of %Spend
Median of %Spend by Marriage Status
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Divorced
Married
Single
Marriage Status
What even is a competitive salary these days?
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Beyond Benchmarks
Rising costs make it hard to define a "good" salary. We examined the concept of a "competitive salary" and its ability to meet financial needs.
0
%
live above their primary income
Is my salary competing with my survival or my peers?
The Tale of Two Salaries: A Case Study
We explored the financial realities facing two seemingly well-compensated professionals in Lagos, Nigeria: Mr. Ali, a banker, and Mrs. Titi, working within the same industry.
Despite earning a salary of 400,000 naira (₦) and 290,000 naira (₦) respectively, both individuals struggle to make ends meet. This is how they reported their spending.
Despite earning a salary of 400,000 naira (₦) and 290,000 naira (₦) respectively, both individuals struggle to make ends meet. This is how they reported their spending.
Mrs Titi
Mr Ali
Food
56%
55%
Transport
22%
20%
Housing
16%
15%
Utility
5%
2%
The experiences of Mr Ali and Mrs Titi suggest a need for a broader discussion around the concept of a "livable wage."
A livable wage should not only meet basic needs but also allow for a reasonable standard of living, including some disposable income for savings, unexpected expenses, and discretionary spending.
A livable wage should not only meet basic needs but also allow for a reasonable standard of living, including some disposable income for savings, unexpected expenses, and discretionary spending.
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Download the
Report
The findings of this report underscore the financial strain faced by employed Nigerians. This highlights the urgent need for innovative solutions, such as earned wage access, to provide financial relief and support the well-being of Nigerian workers.
For a deeper dive into the data and specific figures, refer to the full report:
Turn Insights into Action
Our “State of The Employed” report reveals that 70% of employees lack access to financial support from their employers. With PaidHR’s Earned Wage Access, you can offer your team instant access to part of their salary anytime—at no extra cost to your organization.
Ready to see it in action? Book a demo today.
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