Nigerian Retirees to Receive N32,000 Monthly Pension Increment

Retirees in Nigeria are set to receive a boost in their monthly pensions, following the government’s approval of a N32,000 increase.

Daily Report Nigeria reports that this change comes after the National Minimum Wage (Amendment) Act 2024 was implemented, prompting an adjustment in salary structures.

The increase will apply to retirees under the defined benefits scheme of various salary structures, including those for doctors, health workers, lecturers, police, and armed forces.

It was revealed that the approval takes effect from July 29, 2024, and agencies not part of the mentioned salary structures are advised to apply to the commission to determine the appropriate increase for their retirees.

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This development was announced by the National Salaries, Wages, and Income Commission (NSWIC) and follows President Bola Tinubu’s signing of the new minimum wage into law on July 29, 2024, after meeting with labour leaders.

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A memo dated September 27, 2024 and signed by the Chairman of the NSIWC, Ekpo Nta read:

“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.”