BY MARK ITSIBOR |
The Federal Government of Nigeria has approved the implementation of the consequential adjustment for the pension benefits occasioned by the latest N30,000 minimum wage of 2019 for retirees under the old pension scheme.
The implementation of the consequential adjustment will commence from May 2021, the executive secretary of Pension Transitional Arrangement Directorate (PTAD), Dr Chioma Ejikeme, said at a press briefing on Friday.
The payment of the arrears will cover the period of the implementation of the minimum wage from April 2019 to date.
Thus, it will start from April 2019. The arrears will be paid along with their monthly benefit starting from May payroll this year.
“All the pensioners under the defined benefit scheme,” the PTAD ES stated.
LEADERSHIP recall that the union of pensioners had gone on a nationwide protest over non-implementation of the consequential adjustment of their benefits as a result of the N30,000 national minimum wage for government workers.
Ejikeme said President Muhammadu Buhari was committed to implementing the consequential adjustment on the pension benefits through PTAD.
The PTAD boss added that there was no reason for the retirees to go on protest because the matter had been finalised.
“True to that statement, we are here today to confirm that the consequential adjustment will be implemented from May 2021 payroll,” she said.
PTAD said it will now pay up the backlog of the outstanding value of the differentials to the retirees from April 2019.
“Subject to availability of funds, we will pay. The PTAD has about 20 months outstanding,” she stated.