The Federal Government has approved an increase of N32,000 in the monthly pensions of retirees, following the salary structure adjustments made as part of the new minimum wage review. This information was disclosed in a memo from the National Salaries, Wages, and Income Commission (NSIWC), dated September 27, 2024, and signed by the Commission’s Chairman, Ekpo Nta.
The pension increment applies to retirees who served under various salary schemes, including those for doctors, health workers, lecturers, police, paramilitary, and armed forces, among others. The adjustment is part of the implementation of the National Minimum Wage (Amendment) Act 2024.
The memo clarified that the approval for the pension increase took effect from July 29, 2024, the same day President Bola Tinubu signed the new minimum wage into law. Agencies not covered under the specified salary structures are advised to apply to the NSIWC for appropriate pension increases.
The Committee on Consequential Adjustments in Salaries had previously met and agreed that the new minimum wage would be implemented from July 29, 2024, in line with the President’s approval.
