Union Urges Meeting with Premier Over Living Cost

May 4 , 2024


[ssba-buttons]

Rising living costs that reduce the purchasing power of stagnant workers' wages prompted leaders of the Confederation of Ethiopian Trade Unions (CETU) to urge a meeting with Prime Minister Abiy Ahmed (PhD). Flanked by Minster of Justice Gedion Timotheos, Abiy met with senior members of the Union last year to discuss issues related to freedom of associations, collective bargaining and the imminent challenge of inflation to the workforce. However, Kasahun Follo, head of the Union, said reduced employment taxes, the establishment of minimum wages, and improved working conditions need further action. He made the call last week during an event marking the annual May Day celebrations at the Oromo Cultural Center. Despite the adoption of tighter monetary policy orientations in the past year, inflation rates have not descended below 28pc, stretching thin the purchasing power. With nearly one million members, the Union has nine affiliated industrial associations under its fleet. Minister of Labor & Skills Muferihat Kamil, who was in attendance, indicated that a series of studies have been commissioned to identify and resolve the most pressing problems for workers.


Radar

Ethiopia, IFAD Sign 69.2m Dollar Deal to Promote Lowland Resilience

The Ethiopian Government and the International Fund for Agricultural Development (IFAD) have signed a 69.2 million dollar grant agreement to implement Phase II of the Lowland Livelihoods Resilience Project (LLRP II). The grant agreement was signed by Finance Minister Ahmed Shide and IFAD President Alvaro Lario. The project targets climate resilience and improved livelihoods for three million people in pastoral and agro-pastoral communities. Co-financed by the World Bank, LLRP II covers eight reg...


Radar

NBE Expands Diaspora Warning Over Unlicensed Remittance Firms

The National Bank of Ethiopia (NBE) has issued an expanded public warning targeting unlicensed remittance operators abroad, flagging four U.S.-based companies it says are undermining Ethiopia's financial regulations. The warning includes newly disclosed findings and specific cases that underscore growing concerns about illicit cross-border financial activity. Remittance flows remain a vital lifeline for Ethiopia's economy, supporting households and supplying critical foreign currency. But as...


Radar

Stricter Standards Unveiled for Public Auditors, Accounting Firms

The Accounting & Auditing Board of Ethiopia (AABE) has issued a new directive aimed at strengthening oversight and professional standards in the accounting and auditing sector. Grounded in the Financial Reporting Proclamation, the directive addresses long-standing regulatory gaps while preparing the sector for the country's emerging capital market. Key provisions introduce stricter licensing standards for public auditors, professionals permitted to audit public interest entities. Applican...