Great news for retirees as the government announces an additional N32,000 increment in monthly pensions following the review of salary structures by a special committee. The memo from the National Salaries, Wages, and Income Commission revealed this adjustment, affecting retirees who served in various sectors.
The implementation of the new minimum wage has prompted this increase, approved by the President and effective since July 29, 2024. Retirees under certain defined benefits schemes will benefit from this raise, ensuring they receive a more dignified income post-retirement.
President Bola Tinubu signed the new minimum wage into law after discussions with labor unions, setting the stage for improved compensation across the board. The collaborative effort to address salary adjustments reflects a commitment to supporting retirees and upholding fair labor practices.
With the government’s proactive approach to enhancing pension benefits, retirees can look forward to a more secure and comfortable future. The continuous review and adjustment of policies demonstrate a dedication to fostering economic stability and well-being for all citizens.