FG has Approve Pension Increase to Match the National Minimum Wage

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President Muhammadu Buhari has authorized the allocation of the consequential increase to pensioners under the Defined Benefit Scheme (DBS) in accordance with the 2019 minimum wage.

Chioma Ejikeme, Executive Secretary of the Pension Transitional Arrangement Directorate (PTAD), made the announcement at a news conference in Abuja on Friday.

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She stated that with the president’s consent, PTAD was given the authority to begin the upward modification of all pensioners’ benefits in accordance with the agreed blueprint.

Mrs. Ejikeme stated that the modification of the new pension payment would begin in May 2021 and that the payment of arrears would cover the time of minimum wage implementation.

“The arrears from April 2019 will be paid along with the pensioners’ monthly benefit starting from May 2021 payroll.”

She said that on April 22, ”a statement was released to inform the public of the president’s sincerity to implement the consequential adjustment on the pension benefits through PTAD”.

“I emphasize that the Nigeria Union of Pensioners (NUP) has no reason to go on protest because the matter has been finalized.

“True to that statement, we are here today to confirm that the consequential adjustment will be implemented from May 2021 payroll.

“As a responsible agency of government saddled with the responsibility of overseeing the payment of pension benefits to pensioners under the DBS and their welfare, we are encouraged to do more for our pensioners.

“And we will continue to strive to improve the quality of their lives,” she said.

Ms Ejikeme also said that PTAD would not request the senior citizens to pay any gratification to anybody before they receive their money.

The executive secretary advised them not to give their account details to anybody, and to report any scammer to any of the security agencies or PTAD.

“We have concluded arrangements to send SMS to all pensioners, informing them of the payment and to caution them on the activities of the pension scammers.

“The time has come for DBS pensioners to continue to eat the fruits of their labour.

“We appeal to pension unions to always cooperate with the directorate in order to further facilitate better welfare opportunities for our pensioners,” Ejikeme said.

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