Retirees will now get N32,000 more in their monthly pensions following the government’s adjustment of salary structures to the new minimum wage.
The National Salaries, Wages and Income Commission said this in a memo seen by The PUNCH on Monday. The memo dated September 27, 2024 and signed by the Chairman, Ekpo Nta stated that retirees from health, education, police, paramilitary and armed forces will benefit from this increase.
The memo noted that by the National Minimum Wage (Amendment) Act 2024 and salary adjustment for federal workers, President Bola Tinubu approved the pension increase for retirees under the defined benefits scheme. This applies to various salary structures including Consolidated Public Service, Medical, Health, Universities Academic and Armed Forces Salary Structures among others.
It takes effect from July 29, 2024. Agencies not covered by these salary structures must apply to NSIWC to determine the pension increase for their retirees as provided by the 1999 Constitution and NSIWC Act.
The Committee on Consequential Adjustments for civil servants concluded on Friday that the new minimum wage will also take effect from July 29, 2024. President Tinubu signed the minimum wage bill into law on the same day after meeting with Nigeria Labour Congress and Trade Union Congress of Nigeria.
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