FG Approves ₦32,000 Increase in Monthly Pensions for Retirees

The Federal Government has approved a ₦32,000 increase in the monthly pensions for retirees following a review of the new minimum wage.

EKO HOT BLOG reports that this adjustment is a result of changes made to the salary structure by a government committee.

A memo from the National Salaries, Wages, and Income Commission (NSIWC), dated September 27, 2024, and signed by Chairman Ekpo Nta, indicated that the increment will benefit retirees from various sectors, including healthcare, education, law enforcement, and the armed forces.

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The memo stated: “As a consequence of the implementation of the National Minimum Wage (Amendment) Act 2024 and the resulting adjustments in salaries for employees in the Federal Public Service, the President of the Federal Republic of Nigeria has approved an increase of ₦32,000 per month in the pensions of retirees under the defined benefits scheme of agencies following these 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.

“This also applies to the 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.

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“The approval is effective from July 29, 2024. Agencies that do not belong to any of the aforementioned salary structures should apply to the commission to determine the appropriate increase applicable to their retirees, in accordance with Section 173 (3) of the 1999 Constitution of the Federal Republic of Nigeria (as amended) and Section 3 (P) of the NSIWC Act.”

The Committee on Consequential Adjustments in Salaries for civil servants had earlier set July 29, 2024, as the effective implementation date, coinciding with President Bola Tinubu’s signing of the new minimum wage law that same month.

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