
Why do we celebrate International Workers’ Day? This was a question many of us asked as children. The best answers we probably got hovered around the day being one for workers to rest or one to celebrate the diligence of workers.
Many have walked the path to adulthood without getting to understand the foundation of this day, and still, do not understand it. The history of International Workers’ Day is rich and emotional, dating back to the early 19th century. Though it was initiated to celebrate blue-collar workers, professionals partake in the celebrations. Interestingly, the prevalent work hour length for professionals has its roots in this day.
IN THE BEGINNING: ROBERT OWEN
A charismatic and brilliant entrepreneur of the early 19th Century named Robert Owen, who would later become a critical subject matter in the study of economic and business thought, strove to redefine the working conditions of industrial workers. Ten hours to sixteen hours of labour for six days a week was the norm for workers then. These were the dark industrial days; when workers worked for long hours with little pay and poor savings (there was no Cowrywise then ☹).
Owen, being an influential figure in the British business space, spoke hard against this work anomaly and enjoyed some support. Even the likes of Karl Marx towed the path of his argument on work hours. His motto was, “eight hours labour, eight hours recreation, eight hours rest”. And there began the journey towards the 9 to 5 work style.
Although, it is still argued that there should be a further review of work hours today, from the view of the factory workers then it was a great deal. A great deal that some were willing to die and actually died for.
THE AMERICAN WAVE
Deepening its reach, the eight-hour workday demand spread to other continents such as North America. In America, it sparked a remarkable and historical revolution in the late 19th century, one that climaxed on May 4, 1886.
On Saturday, May 1, 1886, thousands of workers came out to protest long work hours. A protest that would last for three more days. The protest was based on an earlier declaration on October 1884 by the then Federation of Organized Trades and Labour Unions, pronouncing May 1, 1886, as the set date for the start of the eight-hour workday.
The chant on that historic day was simple but firm, “Eight-hour day with no cut in pay”. The protests were characterized by strong and brilliant speeches from the likes of August Spies and Albert Parsons.
As expected, the demonstrators faced strong opposition even from law enforcement agents. This angered some of the leaders pushing them to organize a more massive protest which would later be dubbed the Haymarket Affair. It was staged in Haymarket Square, Chicago.
THE HAYMARKET AFFAIR
May 4, 1886, was the date this protest reached a climax which was a buildup of other massive protests which had been peaceful according to reports. On that day, various speakers took turns speaking to the teeming crowd. As the speeches continued, the police arrived at the scene with the sole aim of dispersing the protesters. Just as Spies and his counterparts stepped down, after trying to effortlessly convince the officers that there was nothing wrong in holding the protest, a bomb was ignited!
The bomb was ignited in the midst of the officers, killing one officer outrightly and leading to a chaotic crossfire between the police officers and the demonstrators — some of them were armed. To this day, there has been no concrete proof on who ignited the bomb; some say the demonstrators did and some argue that it was a police tactic.
Sadly, over 60 casualties were recorded that day with 7 policemen and 4 workers getting killed.
In a bid to hold someone responsible, Spies and six other men were arrested on the grounds that they masterminded the bombing. Despite no strong proof, according to this report, to indict them they were charged guilty of the crime. One of them was sentenced to 15 years in prison while the others were sentenced to death — with two having their sentences converted to life in prison. Spies and 3 others were executed on November 11, 1887.
INTERNATIONAL WORKERS DAY
Their sacrifices, though too great, paid off as various firms and governments in later years adopted the eight-hour workday for workers and professionals. Today, these men are remembered as the Haymarket martyrs. May 1 was adopted by the pan-national organization of socialist and communist political parties in remembrance of the Haymarket affair.
Today, this remembrance event is known as International Workers’ Day and is celebrated across various countries of the world. Though better working conditions, including work hours, still need to be provided, the 9 to 5 journey was a major step.
SUSTAINING PROGRESS
Now you know why this day is considered important by various labour unions across the world. As we celebrate workers globally and work towards a better work system, you can also improve your experience as a professional/worker with this article on how to get a pay raise; or this one on how to keep your money working even after the 9 to 5. Don’t worry monies cannot organize protests :).
Happy Workers’ Day!
How has your experience with Cowrywise been so far? Share your story with us here. We want to celebrate you!
Simple and educative. Thank you Ope.
Thank you. I’d like for you to explain how the “sell unit” option on Cowrywise works
Hello Ega, when you invest in a mutual fund you buy slices of the fund (units). When you sell units, it means you are taking your money out of the fund.
It is the option you use to withdraw from a mutual fund.
Great innovation from Ope;Cowrywise,just pray it works out well.
Nice educative piece.
Hi, hum how long does it take to get my money back when I sell my units
Is this related to buying shares in firms while cowrywise is the stockbroker?
No please.
Thank you Ọpẹ. This is really simple and enlightening. The pizza analogy made me understand the intricacies of mutual funds.
A very good investment idea.
Like a previous question, how long does it take to get my money back after selling my unit?
Thanks Ope
Everyday I go to my dash board to see how my funds are growing. happy and greatfull to this platform and the decision I took. More investment!!!
Hi Adetoun and Racheal, it takes about one working day to get your funds back.
What a nice write up.
Please keep the flag flying.
You guy are doing a great job.
Thanks
If by chance ah can’t sell the unit expected yet ensure dat my deposit is automatically withdrawn every day what the risk involve there?
I am sold to this idea already. Well done.
Thank you
That’s very explain Tory and educating as well but being a newbie in investment market,
1. Is mutual fund as flexible as T-bill, if the rates on a particular investment increase in a country’s stock market will ROI on the investment mutually increase across board..
2. What’s the duration on mutual fund, it’s it annually or your company’s has a fixed duration before one’s unit can be recoverd, need more clarification on that .
Hello, when a share unit is sold, is the investor still available to receiving dividends?
That depends on the fund type.
Good write up. I know little more than the words. My questions are 1.what’s the tenure of the investment?
2. What’s the interest rate?
3. Can I terminate the investment anytime?
Hello ope, thank you for the explanation.
Does this mean that money can not be lost on mutual funds due to market change?
For money market mutual funds, yes.
Thank you Ope
Pls explain the ‘sell unit’ in Cowrywise and how it works. Thanks.
If you want to withdraw from your mutual fund, selling the units helps you do that.
Can I continue to save in my mutual funds without buying units can it run in auto pilot?
Thanks ope
My question is what is duration time can I terminate my investment , what is the percent interest rate on investment and what is tenure of investment..
The duration is a personal choice you have to make. I play for the long term though.
Thanks Ope dear!
Good write up. My questions are: if I invest 100k, what’s my interest rate? Secondly, if there is an interest rate, how often does it flow into what I have invested? And lastly, how long is the tenure?
Hi there, this depends on the mutual fund you choose. Have you checked them out.
Thank you Ope for the briefing on Mutual funds.
You’re welcome
Thank you Ope, i’ve been to trying to understand this for a long while now i have it like a box of pizza
Sir,
If invest in money market fund,what will be my expected interest?
This is really interesting,I always had a thing for mutual funding but I couldn’t get any better explanation than this,I once had an account with cowrywise but I lost the phone and eventually forgot the password,guess i would have to create one for this
If cowrywise are inactive on NSE, will it affect my investment with them and why are some stockbrokers that were active now inactive?
Very good explanation. Have been saving with cowrywise for some time it has been going I think I will now switch to the investment colum. Thank guys
Many of the questions on my mind have been answered.
Thanks, Ope for the simple explanation.
I’m definitely going to start one today!
Good explanation
Thanks for reading, Adewale
Very Interesting,
My questions now are
1.what’s the tenure of the investment?
2. What’s the interest rate?
3. Can I terminate the investment anytime?
What are the chances of losing money on this platform. Please I need a very clear and understanding response.
Good morning Ope.
Hi Odeniyi.
You don’t lose money with any of our Savings Plans.
For Mutual Fund investments on Cowrywise, there are different ways to earn.
I’ll recommend you begin investing in Money Market Funds as those are low-risk funds.
Thanks federal government for helping us
Thanks … I’ll like to know how possible is it that I’ll earn with out the fund managers selling my units in this platform.
Thanks
Hi Solace.
If you would rather not sell your units, you may also earn through dividends which are paid periodically, depending on which fund you’ve purchased on the platform.
Please let me know if you need any more clarification.
I have alot of questions to ask but just want to ask with these few…
1.what does the sell unit stand for?
2.is it the investor that gets to choose how long the investment would stay….
What’s the minimum amount to start with investing
Hi Ope, Saving on cowrywise has helped me but now I Intend to invest in mutual funds. If I no longer want the funds, can I sell them on cowrywise?
If yes, how long will it take to sell and get my investment back?
Very good write up…. thank you for the information
You’re welcome
So how would I see my profit….
Please I need more information about the dollar mutual funds on cowrywise, the difference between both and which to invest in(talking about Nigeria eurobonds and arm eurobonds)
Please I need more information about the dollar mutual funds on cowrywise, the difference between both and which to invest in(talking about Nigeria eurobonds and arm eurobonds)
Hello Ope, you said “Distribution in this case, would mean waiting on the fund manager to deduct the ₦100,000 gained and pay it to you without selling your units.” does this mean you still have your ₦200,000 phone [which you can still sell and gain another ₦100,000 which still enjoying your ₦100,000 gained from your fund manager?
A
Thank you for this insightful piece.
In case of appreciation of the fund, what would the fund manager do, since I am not monitoring the market fund? Since I don’t want to withdraw yet, what happens next to the fund and the gain, will the fund manager automatically increase my fund with the gain or will he send it to my account?
Thanks for the information, please how do I redeem my mutual fund?I invested in money market fund on the 7 of February,I requested to withdraw from my money but it’s saying I haven’t redeemed my mutual fund
Thanks Ope for this education.
Please, is mutual fund the same as index fund? If no, do we have in index fund in Nigeria?
Thank you again
How long does it take to get your money back after selling your units?
And, what happens if you only sold a certain percentage of it, not 100% of the units?
Very educative Ope, thanks. I hope we can get on clubhouse someday, so much opportunity there
How long does it take to sell your unit
Please Ope I need more clarification on this money market mutual fund. If I invest #5000 this month and continue same in other months just like savings do I still stand a chance of getting gains. Please explain more
How do I sell on mutual investment fund?
Please do I need to invest every day or just once. And too I needed to know more about investing. Finally don’t you have agricultural products investments?
Educative and insightful.
Hello Ope, it was quite insightful.
My question is under *capital appreciation, at what point would the fund manager distribute the gains if I decide not to sell my units, as there an agreed period like in the case of *periodic distribution. Is it going to be at the fund manager discretion?
I
Thanks
Thank you for always simplifying your write up, it’s very informative and educative.
I really want to invest but I kinda still need more explanations, maybe in an ABC way.
And I want to know which investment to go for. Thank you.