FG approves N32,000 monthly pension increase for retirees

Abuja, Oct. 1, 2024 – The federal government has approved ₦32,000 monthly pension increase for retirees under the defined benefits scheme. This follows the consequential adjustments of salary of federal government workers in the implementation of the new minimum wage. The pension increase was indicated in a memo from the National Salaries, Wages, and Income Commission (NSIWC), signed by its Chairman, Ekpo Nta, and dated Sept. 27, 2024. According to the memo, the increment will affect retirees from various sectors including healthcare, education, law enforcement, and the armed forces. The memo …

October 1, 2024 2 min read

Abuja, Oct. 1, 2024 – The federal government has approved ₦32,000 monthly pension increase for retirees under the defined benefits scheme.

This follows the consequential adjustments of salary of federal government workers in the implementation of the new minimum wage.

The pension increase was indicated in a memo from the National Salaries, Wages, and Income Commission (NSIWC), signed by its Chairman, Ekpo Nta, and dated Sept. 27, 2024.

According to the memo, the increment will affect retirees from various sectors including healthcare, education, law enforcement, and the armed forces.

The memo reads: “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 ₦32,000 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.

“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.

“The approval takes effect from July 29, 2024. Agencies that are not part of any of the above-mentioned salary structures should, in line with Section 173 (3) of the 1999 Constitution of the Federal Republic of Nigeria (as amended) and Section 3 (P) of the NSIWC Act, apply to the commission to determine the appropriate increase that will be applicable to their retirees.” (GBN)