BREAKING: FG Increases Retirees’ Pension
Sequel to the salary adjustment by the federal government via its set up committee to review the new minimum wage, retirees are now entitled to N32,000 increment in their monthly pensions.
This was made known in a memo by the National Salaries, Wages, and Income Commission (NSWIC).
In accordance with the memo, dated 27, September 2024, signed by Ekpo Nta, the NSIWC Chairman, noted that the affected retirees are those who retired under the salary schemes for doctors, health workers, lecturers, police, paramilitary, armed forces and others.
The memo reads: “Consequent upon the implementation of the National Minimum Wage (Amendment) Act 2024 and the consequential adjustments in the salaries of employees in the Federal Public Service, the President of the Federal Republic of Nigeria has approved an increase of N32,000 per month on the pensions of retirees under the defined benefits scheme of agencies on the following salary structures: Consolidated Public Service Salary Structure, Consolidated Research and Allied Institutions Salary Structure, Consolidated Universities Academic Salary Structure, Consolidated Tertiary Institutions Salary Structure II, Consolidated Polytechnics and Colleges of Education Academic Staff Salary Structure, and Consolidated Tertiary Educational Institutions Salary Structure.
“Consolidated Medical Salary Structure, Consolidated Health Salary Structure, Consolidated Para-Military Salary Structure, Consolidated Police Salary Structure, Consolidated Intelligence Community Salary Structure, and Consolidated Armed Forces Salary Structure.
“The approval takes effect from July 29, 2024. Agencies that are not part of any of the above-mentioned salary structures should, in line with Section 173 (3) of the 1999 Constitution of the Federal Republic of Nigeria (as amended) and Section 3 (P) of the NSIWC Act, apply to the commission to determine the appropriate increase that will be applicable to their retirees.”
It could be recalled that the Committee on Consequential Adjustments in Salaries for civil servants met on Friday regarding the new minimum wage template and agreed that the effective date for the implementation of the new minimum wage would be set at July 29, 2024.
The new minimum wage was signed into law on 29, July 2024, by President Bola Tinubu, following the meeting held with the Nigeria Labour Congress and the Trade Union Congress of Nigeria leaders.
According to the National Salaries and Wages Commission, said the reason for the implementation date set to July 2024 was because President Tinubu signed the bill into law in July 2024.
