President Muhammadu Buhari has approved the payment of the consequential adjustment to pensioners under the Defined Benefit Scheme in line with the minimum wage approved in 2019.
The Executive Secretary, Pension Transitional Arrangement Directorate, Dr Chioma Ejikeme, made this known at a news conference in Abuja on Friday.
Following this approval, Ejikeme noted that the PTAD had been empowered to start the upward adjustment of all pensioners’ benefits according to the approved template.
She, further disclosed that the adjustment of the new pension payment would commerce from May 2021 adding that the payment of the arrears would cover the period of the implementation of the minimum wage.
“The arrears from April 2019 will be paid along with the pensioners’ monthly benefit starting from May 2021 payroll,” she said.
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 emphasise that the Nigeria Union of Pensioners has no reason to go on protest because the matter has been finalised.
“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.