The Federal Government has approved a N32,000 monthly pension increase for retirees under the defined benefits scheme, effective July 29, 2024. This development follows the implementation of the National Minimum Wage (Amendment) Act 2024 and consequential adjustments in the salaries of federal public service employees.
Affected Retirees
The pension increment applies to retirees from various sectors, including:
- Medical Professionals: Doctors and health workers
- Education Sector: Lecturers and academic staff
- Security Agencies: Police, paramilitary, and armed forces
- Research Institutions: Consolidated Research and Allied Institutions Salary Structure
The National Salaries, Wages, and Income Commission memo, signed by Chairman Ekpo Nta, outlined the affected salary structures, which include:
- Consolidated Public Service Salary Structure
- Consolidated Universities Academic Salary Structure
- Consolidated Tertiary Institutions Salary Structure II
- Consolidated Polytechnics and Colleges of Education Academic Staff Salary Structure
Implementation and Next Steps
Agencies not listed under the specified salary structures are required to apply to the commission to determine the applicable pension increase for their retirees. President Bola Tinubu signed the new minimum wage into law on July 29, 2024, following meetings with labor leaders ¹. The National Salaries and Wages Commission set the implementation date to July 2024, coinciding with the President’s signing of the bill.
