President Bola Tinubu has approved a significant increase in monthly pensions for retirees, raising the amount by N32,000. This adjustment follows a comprehensive review of salary structures prompted by the new minimum wage initiative.

The increase, disclosed in a memo from the National Salaries, Wages, and Income Commission (NSIWC), dated September 27, 2024, is designed to support retirees from various sectors, including healthcare, education, law enforcement, and the military. The memo was obtained by The PUNCH on Monday.

As outlined in the document, the pension increment applies to those who retired under several specified salary schemes, including the Consolidated Public Service Salary Structure and others related to education and healthcare professionals. The memo states, “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 Medical Salary Structure, Consolidated Health Salary Structure, and others.”

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This new pension rate is effective from July 29, 2024. Agencies not included in the specified salary structures are encouraged to apply to the NSIWC to determine an appropriate pension increase for their retirees, as stated in the memo.

The decision comes in the wake of a meeting held by the Committee on Consequential Adjustments in Salaries for civil servants, which set July 29, 2024, as the official implementation date for the new minimum wage, following President Tinubu’s signing of the related bill after discussions with labor leaders from the Nigeria Labour Congress and the Trade Union Congress of Nigeria.