Buhari Approve Pensioners New Minimum Wages

Nigeria Pensioners will now enjoy the increase in payment of their pension under the defined Pension scheme following the increment in the minimum wage to 30,000 approved since April 18, 2019.

SpyGist learned that the approval took effect from April 29, 2021, following the approval by President Muhammadu Buhari but would capture all pensioners from April 18, 2019, since the 30,000 naira minimum wage was signed into law.

The Acting Chairman, National Salaries, Incomes and Wages Commission, Ekpo Nta Esq, made the revelation on Friday in Calabar while briefing newsmen on the development.

It was disclosed that the increase in the payment of the pension took effect immediately adding it would capture persons from April 18, 2019, when the minimum wage was signed into law.

He further explained that the affected pensioners will all be paid the arrears from that April 18, 2019.

His words:” I am delighted to inform you that as soon as Mr President gave his approval, the circular indicating the pension increase for pensioners under the defined pension scheme was issued on April 29 to all relevant stakeholders for immediate implementation with effect from 18th April 2019.

“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 in respect of consequential adjustments of salaries from the new Minimum Wage which was finally concluded and circulars issued in 2019.

“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,” he said.

Speaking further, the acting Chairman said that the reviews were done in collaboration with other relevant stakeholders including Pension Transition Administration Department, PTAD, National Union of Pensioners, Budget Office of the Federation, Federal Ministry of Finance, Office of the Secretary to the Federal Government, Nigeria Police Force, Federal Ministry of Labour & Employment amongst others.

“The outcome of the collaborative meetings were considered and approved by the Board of the Commission in 2019 and forwarded to the Presidency for approval.

“I want to seize this opportunity to thank all stakeholders and our patient pensioners for bearing with the processes that have finally culminated in the successful conclusion of the matter

“We want to proactive so that in the next five years we would have a template in place so that there won’t be a need for long negotiations before recommendation are made available, we really thank pensioners for their patience and the payments will start immediately,” Ekpo said.

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