FG Increases Pension Payments For Retirees Following Minimum Wage Adjustment

 FG Increases Pension Payments For Retirees Following Minimum Wage Adjustment
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Following the salary adjustments by the government-appointed committee to review the new minimum wage, retirees will now receive an additional N32,000 in their monthly pensions. This update was detailed in a memo from the National Salaries, Wages, and Income Commission, as reported by The PUNCH on Monday…….CONTINUE READING 

The memo, dated September 27, 2024, and signed by NSIWC Chairman Ekpo Nta, confirmed that the pension increase applies to retirees from salary structures including doctors, health workers, lecturers, police, paramilitary forces, and the armed forces.

The memo stated, “As a result of the implementation of the National Minimum Wage (Amendment) Act 2024 and the consequential adjustments in federal public service salaries, the President of Nigeria has approved a pension increase of N32,000 per month for retirees under the defined benefits scheme, applicable to several consolidated salary structures.”

These structures include the Consolidated Public Service Salary Structure, Consolidated Research and Allied Institutions Salary Structure, and others for educational, medical, paramilitary, and armed forces personnel.

The adjustment takes effect from July 29, 2024. Agencies not included in these specific salary structures are required to apply to the commission to determine appropriate pension increases for their retirees, in line with relevant sections of the 1999 Constitution and the NSIWC Act.

This follows President Bola Tinubu’s signing of the new minimum wage law on July 29, 2024, after discussions with the Nigeria Labour Congress and the Trade Union Congress of Nigeria. The effective date for implementation was set for July, aligning with the date the President signed the law.

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