Pensioners To Benefit From Increased Pension Based On Minimum Wage

Pensioners are to benefit from pension increase based on the national minimum wage of N30,000.

The Acting Chairman, National Salaries, Incomes and Wages Commission, Ekpo Nta, disclosed this on Friday in Calabar while speaking with journalists.

He said the implementation will take  immediate effect, while arrears from April 18, 2019 would be paid. 

Nta, who said the president gave approval for the payment of the increment, stated, “The National Minimum Wage Act 2019 legislated that the national minimum wage of N30,000 should be applicable to all workers and employees in the Federal Republic of Nigeria except for exceptions as prescribed under the Act.

“Thereafter, the Federal Government and unions held negotiations to bring about consequential adjustments of salaries from the new minimum wage which was finally concluded and circulars issued last year.

“As soon as the salary adjustments were concluded, the National Salaries, Incomes and Wages Commission held several meetings to increase pensions under the defined scheme. This was in collaboration with other relevant stakeholders like the National Union of Pensioners, Pension Transition Administration Department, Budget Office of the Federation, Federal Ministry of Finance, office of the Secretary to the Federal Government, Nigeria Police Force, Federal Ministry of Labour and Employment.

“The outcome of the collaborative meetings were considered and approved by the Board of the Commission last year and forwarded to the Presidency for approval.”

He said “as soon as Mr President gave his approval, the circular indicating pension increases for Pensioners under the defined pension scheme was issued yesterday (Thursday) to all relevant stakeholders for immediate implementation with effect from 18th April, 2019.”

Nta said he expects a more proactive and seamless implementation of subsequent increases in future “so that our senior citizens who served their country enjoy the fruits of their labour from a grateful country.”