Minimum Wage: FG Raises Pensions By ₦32,000 For Retirees

The Federal Government has approved a ₦32,000 increase in the monthly pensions of retirees following a review of the new minimum wage.

Naija News reports that this adjustment comes as a result of the salary structure changes made by a government committee.

A memo from the National Salaries, Wages, and Income Commission (NSIWC), dated September 27, 2024, and signed by its chairman, Ekpo Nta, revealed that the increment would affect retirees from various sectors including healthcare, education, law enforcement, and the armed forces.

The memo stated: “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.”

The Committee on Consequential Adjustments in Salaries for civil servants had previously agreed to the effective implementation date of July 29, 2024, coinciding with President Bola Tinubu’s signing of the new minimum wage law that month.