President Muhammadu Buhari has approved the payment of the consequential adjustment to pensioners.
President Buhari’s approval of the Defined Benefit Scheme (DBS) is in line with the minimum wage approved in 2019.
The Executive Secretary, Pension Transitional Arrangement Directorate, Dr Chioma Ejikeme, disclosed this at a news conference in Abuja.
Dr Ejikeme said that with the presidential approval, PTAD had been empowered to start the upward adjustment of all pensioners’ benefits according to the approved template.
She said the adjustment of the new pension payment would start from May 2021 and the payment of the arrears would cover the period of the implementation of the minimum wage.
“The arrears from April 2019 will be paid along with the pensioners’ monthly benefit starting from May 2021 payroll,” Dr Ejikeme stated.
A statement was released on April 22, to inform the public of the President’s sincerity to implement the consequential adjustment on the pension benefits through PTAD.
She said; “I emphasise that the Nigeria Union of Pensioners has no reason to go on protest because the matter has been finalised.
“True to that statement, we are here to confirm that the consequential adjustment will be implemented from May 2021 payroll.
“As a responsible agency of government saddled with the responsibility of overseeing the payment of pension benefits to pensioners under the DBS and their welfare, we are encouraged to do more for our pensioners…And we will continue to strive to improve the quality of their lives.”
Dr Ejikeme also said that PTAD would not request the senior citizens to pay any gratification to anybody before they receive their money.
The Executive Secretary advised them not to give their account details to anybody, and to report any scammer to any of the security agencies or PTAD.
“We have concluded arrangements to send SMS to all pensioners, informing them of the payment and to caution them on the activities of the pension scammers.
“The time has come for DBS pensioners to continue to eat the fruits of their labour,” she added.