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Minimum Wage: Pensioners to enjoy increment, says Nta

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Pension. Photo: FT

With President Muhammadu Buhari’s approval on April 18, 2019, pensioners are now to enjoy an increase in payment of their pension under the defined pension scheme, following the increment in the minimum wage to N30, 000.

The approval would capture all pensioners from April 18, 2019 when the N30,000 naira minimum wage Bill was signed into law, according to the acting Chairman of National Salaries, Incomes and Wages Commission, Mr. Ekpo Nta.

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Nta, who disclosed this yesterday in Calabar while briefing journalists, said: “I am delighted to inform you that as soon as Mr. President gave his approval, the circular indicating the pension increase for pensioners under the defined pension scheme was issued on April 29, this year, to all relevant stakeholders for immediate implementation, with effect from April 18, 2019.

“The National Minimum Wage Act 2019 legislated that the national minimum wage of N30, 000 should be applicable to all workers and employees in the country, except for exceptions as prescribed under the Act.

“Thereafter, the Federal Government and unions held negotiations in respect of consequential adjustments of salaries from the new minimum wage, which was finally concluded and circulars issued in 2019.”

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He said as soon as the salary adjustments were concluded, “the National Salaries, Incomes and Wages Commission held several meetings to increase pensions under the defined scheme.”

Nta added that the reviews were done in collaboration with other relevant stakeholders, including the Pension Transition Administration Department (PTAD); National Union of Pensioners; Budget Office of the Federation; Federal Ministry of Finance; Office of the Secretary to the Federal Government; Nigeria Police Force and Federal Ministry of Labour and Employment, among others.

“The outcomes of the collaborative meetings were considered and approved by the Board of the Commission in 2019 and forwarded to the Presidency for approval.

“I want to seize this opportunity to thank all stakeholders and our patient pensioners for bearing with the processes that have finally culminated in the successful conclusion of the matter
 
“We want to proactive so that in the next five years, we would have a template in place so that there won’t be a need for long negotiations before recommendations are made available.

“We really thank pensioners for their patience and the payments will start immediately.”

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