The President, Major General Muhammadu Buhari (retd.), has approved the implementation of the consequential adjustment to pension benefits occasioned by the new minimum wage of 2019.
Executive Secretary, Pension Transitional Arrangement Directorate, Chioma Ejikeme, told journalists at press briefing in Abuja on Friday that the approval was for pensioners under the Defined Benefit Scheme.
She said, “The presidential approval for the implementation of the consequential adjustment to the pension benefits occasioned by the new minimum wage of 2019 has been granted and the circular released.
“With this approval, PTAD is now empowered to start the upward adjustment of all pensioners’ benefits according to the approved template.”
She said the consequential adjustment of the new pension payment would start from the May 2021 payroll.
Ejikeme said the arrears would take effect from April 2019, adding that PTAD would also commence payment of the arrears from May 2021.
She stated that on April 22, her agency made it clear that the Nigeria Union of Pensioners had no reason to go on any protest because the matter of consequential adjustment was at the conclusive stage.
The PTAD boss said, “As a responsible agency of government saddled with the mandate of overseeing the payment of pension benefits to pensioners under the Defined Benefit Scheme and taking care of their welfare, we are encouraged to do more for our pensioners.
“We will continue to strive to improve the quality of their lives. Let me at this point inform and caution our senior citizens once again, that PTAD will not request for any gratification from anybody before the money will be paid into their accounts.”
