NEWS

BREAKING: FG Announces Increase In Retirees’ Pensions

Published

3 months ago

October 2, 2024

FG has announced a major increase in retirees’ pensions.

The Federal Government has announced an N32,000 increase in the monthly pensions of retirees, following a consequential adjustment in salary structures by the committee set up to review the new minimum wage.

This was revealed in a memo from the National Salaries, Wages, and Income Commission (NSIWC), dated September 27, 2024, and signed by NSIWC Chairman Ekpo Nta.

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The memo indicated that the affected retirees include those from various sectors such as health, education, security, and armed forces.

“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,” the memo stated.

The listed structures also include the Consolidated Medical Salary Structure, Consolidated Health Salary Structure, Consolidated Paramilitary Salary Structure, Consolidated Police Salary Structure, Consolidated Intelligence Community Salary Structure, and Consolidated Armed Forces Salary Structure.

The approval is retroactive, with the effective date set to July 29, 2024. The NSIWC added that agencies outside these specified salary structures should apply to the commission for the determination of the appropriate pension increase for their retirees, in accordance with the provisions of the 1999 Constitution and the NSIWC Act.

The increase follows President Bola Tinubu’s signing of the new minimum wage bill into law on July 29, 2024, after discussions with the Nigeria Labour Congress and the Trade Union Congress of Nigeria.