Minimum Wage: FG Raises Retirees’ Pension By N32,000
Following the consequential adjustment in salary structures by the committee set up by the government to review the new minimum wage, retirees will now receive an increment of N32,000 in their monthly pensions.
This was revealed in a memo by the National Salaries, Wages, and Income Commission, sighted on Monday by The PUNCH.
According to the memo, dated September 27, 2024 and signed by the Chairman of the NSIWC, Ekpo Nta, the affected retirees are those who retired under the salary schemes for doctors, health workers, lecturers, police, paramilitary, armed forces, and others.
“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.”
Recall that the Committee on Consequential Adjustments in Salaries for civil servants met on Friday regarding the new minimum wage template and agreed that the effective date for the implementation of the new minimum wage would be set at July 29, 2024.
President Bola Tinubu signed the new minimum wage into law on July 29 after meeting with leaders of the Nigeria Labour Congress and the Trade Union Congress of Nigeria.
The National Salaries and Wages Commission noted that the reason for setting the implementation date to July 2024 was due to the fact that the President signed the bill into law in that same month.
