Retirees in Nigeria are set to receive an increment of N32,000 in their monthly pensions as part of the government’s review of salary structures under the new National Minimum Wage Act.
The adjustment applies to retirees under various public service salary schemes, including health workers, lecturers, police officers, paramilitary, and the armed forces.
According to The PUNCH, this development was disclosed in a memo from the National Salaries, Wages, and Income Commission, dated September 27, 2024, and signed by its Chairman, Ekpo Nta.
The memo detailed that the increment is a result of the consequential adjustments following the implementation of the new minimum wage, which was signed into law on July 29, 2024, by President Bola Tinubu.
“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,” the memo read.
The affected retirees include those on salary structures such as the Consolidated Public Service Salary Structure, Consolidated Medical Salary Structure, and others.
The memo also stated that agencies outside the listed salary structures could apply to the commission for an appropriate increase in pensions.
The NSIWC clarified that the implementation date for the pension increment is retroactive to July 29, 2024, aligning with the date President Tinubu signed the minimum wage bill into law.
The review comes after consultations between the government and labor unions, including the Nigeria Labour Congress and the Trade Union Congress, over the new wage structure.
Agencies not covered by the specified salary structures are advised to apply to the commission for a pension review, in line with the provisions of the 1999 Constitution and the NSIWC Act.
