<\/p>\n
In response to the recent adjustments in salary structures due to the new minimum wage, the Federal Government has announced a significant increase in monthly pensions for retirees, effective July 29, 2024. The increment amounts to N32,000.<\/p>\n
This decision was disclosed in a memo from the National Salaries, Wages, and Income Commission (NSIWC), which was reviewed on Monday. The memo, dated September 27, 2024, and signed by NSIWC Chairman Ekpo Nta, specifies that the increase applies to retirees from various sectors, including healthcare, education, police, paramilitary, and armed forces.<\/p>\n
The memo states: \u201cConsequent 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 Public Service Salary Structure, Consolidated Research and Allied Institutions Salary Structure, Consolidated Universities Academic Salary Structure, and others.\u201d<\/p>\n
Furthermore, the memo clarifies that agencies not listed under these salary structures are required to apply to the NSIWC for a determination of appropriate pension increases for their retirees, in accordance with the relevant sections of the Nigerian Constitution and the NSIWC Act.<\/p>\n
This pension increase aligns with the implementation of the new minimum wage, which was signed into law by President Bola Tinubu on July 29, following discussions with labor union leaders. The National Salaries and Wages Commission emphasized that the effective date for these adjustments corresponds with the law’s enactment, aimed at improving the welfare of retirees across various sectors.<\/p>\n","protected":false},"excerpt":{"rendered":"
In response to the recent adjustments in salary structures due to the new minimum wage, the Federal Government has announced a significant increase in monthly pensions for retirees, effective July 29, 2024. The increment amounts to N32,000. This decision was disclosed in a memo from the National Salaries, Wages, and Income Commission (NSIWC), which […]<\/p>\n","protected":false},"author":2,"featured_media":24,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[72,452,110,453,451],"class_list":["post-782","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-news","tag-fg","tag-increase","tag-minimum-wage","tag-pensioners","tag-salary"],"_links":{"self":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/782","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/comments?post=782"}],"version-history":[{"count":1,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/782\/revisions"}],"predecessor-version":[{"id":783,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/782\/revisions\/783"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/media\/24"}],"wp:attachment":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/media?parent=782"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/categories?post=782"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/tags?post=782"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}