N32,000 has been approved by the Federal Government as monthly pension increment for those who retired under several key public service salary structures following the consequential adjustments to salaries in line with the new minimum wage law and amid the growing hardship in the country.
The National Salaries, Wages, and Income Commission (NSIWC) confirmed the increase in a memo dated September 27, 2024, signed by its Chairman, Ekpo Nta.
According to the memo, “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.
“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.”
The increment follows the passage of the new minimum wage law, signed by President Bola Tinubu after consultations with labour unions.
The adjustment is part of the Federal Government’s efforts to ease the financial burdens on retirees and ensure their pensions reflect current economic realities.