Following a recent adjustment in salary structures by the government, retirees in Nigeria will now experience a significant increase of N32,000 in their monthly pensions.
This information was outlined in a memo from the National Salaries, Wages, and Income Commission. The communication, dated September 27, 2024, confirms that the increase applies to retirees from various sectors including healthcare, education, law enforcement, and the military.
In accordance with the National Minimum Wage (Amendment) Act 2024, the President of Nigeria has officially approved this adjustment for retirees under specific salary structures. These include the Consolidated Public Service Salary Structure, Consolidated Research and Allied Institutions Salary Structure, and several others related to academic and health sectors.
The increase is effective as of July 29, 2024. Agencies outside the listed salary structures are encouraged to apply to the commission for an appropriate pension increase as stipulated by the 1999 Constitution of Nigeria.
Additionally, a recent meeting of the Committee on Consequential Adjustments in Salaries for civil servants established that the new minimum wage would take effect from July 29, 2024. This wage law was signed by President Bola Tinubu after consultations with labor leaders, marking a crucial step in enhancing the financial welfare of retirees. The National Salaries and Wages Commission clarified that the implementation date aligns with the date the new wage law was enacted.
