FG Raises Monthly Pension For Retirees By N32,000
The Federal Government has announced increase in monthly pensions for retirees to take effect from July 29, 2024.
The increment amounts to N32,000.
The National Salaries, Wages, and Income Commission (NSIWC), made this known in a memo dated September 27, 2024, and signed by NSIWC Chairman Ekpo Nta.
The memo specified that the increase applies to retirees from various sectors, including healthcare, education, police, paramilitary, and armed forces.
The memo states: “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, and others.”
It further explained that agencies not listed under those salary structures are required to apply to the NSIWC for a determination of appropriate pension increases for their retirees, in accordance with the relevant sections of the Nigerian Constitution and the NSIWC Act.
This pension increase aligns with the implementation of the new minimum wage, which was signed into law by President Bola Tinubu on July 29, following discussions with labor union leaders.
The National Salaries and Wages Commission emphasized that the effective date for these adjustments corresponds with the law’s enactment, aimed at improving the welfare of retirees across various sectors.
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