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Home Business News Business

FG announces implementation of increased payment for pensioners from May

Chike Olisah by Chike Olisah
April 30, 2021
in Business, Business News
Protesters trap Finance Minister as Nigerian Airways pensioners take fight to Abuja
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The Pension Transitional Arrangement Directorate (PTAD) has announced that the consequential adjustment of the new pension payment will commence from May 2021 payroll with the arrears taking effect from April 2019.

This follows the Presidential approval for the implementation of the consequential adjustment to the pension benefits occasioned by the 2019 new minimum wage.

This disclosure was made by the Executive Secretary of PTAD, Dr Chioma Ejikeme, in a statement at the press conference on the consequential adjustment to pension benefits from the implementation of the new minimum wage.

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The Executive Secretary in her statement said that with this approval, PTAD is now empowered to start the upward adjustment of all pensioners’ benefits according to the approved template.

The statement partly reads, “It is my immense pleasure to interact with you and brief you this morning. The Presidential approval for the implementation of the consequential adjustment to the pension benefits occasioned by the new minimum wage of 2019 has been granted and the circular released. With this approval, PTAD is now empowered to start the upward adjustment of all pensioners’ benefits according to the approved template.

The consequential adjustment of the new pension payment will start from the May 2021 payroll. The arrears will take effect from April 2019. PTAD will also commence payment of the arrears from May 2021.’’

In case you missed it

It can be recalled that on April 22, 2021, the Executive Secretary of PTAD, issued a press statement to inform the general public of the sincerity of President Muhammadu Buhari to implement the consequential adjustment on the pension benefits.

She emphasized that the Nigeria Union of Pensioners (NUP) have no reason to go on any protest because the matter was at the conclusive stage.

She pointed out that as an agency of government saddled with the mandate of overseeing the payment of pension benefits to pensioners under the Defined Benefit Scheme and taking care of their welfare, they are encouraged to do more for the pensioners and will continue to strive to improve the quality of their lives.

While telling the pensioners not to give their account details to anybody, the Executive Secretary also caution the senior citizens once again, that PTAD will not request any gratification from anybody before the money will be paid into their account.

She asked them to report any scammer or anyone requesting gratification before their benefits would be paid to PTAD.

INFORMATION:

Following the Presidential approval for the implementation of the consequential adjustment to the pension benefits occasioned by the 2019 new minimum wage, @PTADNigeria…

— Government of Nigeria (@NigeriaGov) April 30, 2021

 


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Tags: Pension Transitional Arrangement DirectoratePTAD
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

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Comments 15

  1. Samuel Ijenhi says:
    May 1, 2021 at 1:14 pm

    Will it be applicable to states and local government?

    Reply
  2. Samuel says:
    May 1, 2021 at 7:52 pm

    This is a welcome news.
    I hope it will be applicable to states and local governments.

    Reply
    • Okeke Chukwudinma Christopher says:
      June 1, 2021 at 1:37 pm

      Please the arrears received in May 2021 was not fully paid. When will the balance of the arrears be paid.

      Reply
  3. David Kehinde orimisan says:
    May 22, 2021 at 11:41 pm

    Am on Gl 07/5 l want to know the amount am entitled to in the arrears

    Reply
  4. Musa Daura Dukkurma says:
    May 26, 2021 at 2:08 pm

    Is the adjustment bordered only on dps or cps inclusive?

    Reply
  5. Kwada Tizhe says:
    May 30, 2021 at 4:42 pm

    HOW ARE THEY CALCULATING THE APPEARS? FOR EXAMPLE IF A PERSON IS ON GL 04 STEP 15.

    Reply
  6. KWADA TIZHE. says:
    May 30, 2021 at 4:50 pm

    WHAT OF THE CBS PENSIONERS ARE THEY INCLUDED?

    Reply
    • muhammed tenimu says:
      June 9, 2021 at 12:06 pm

      Pls am on level 2/15 above, pls send me the amount i supose to get.

      Reply
  7. Gbadebo jonathan olaoye says:
    June 12, 2021 at 6:04 am

    Sir,I will love to have the table used for the adjustment , should there is error in computation.

    Reply
  8. Gbadebo jonathan olaoye says:
    June 12, 2021 at 6:07 am

    Sir,I will love to have the table used for the adjustment of the new pension salary , should there is error in computation.

    Reply
  9. Gbadebo jonathan olaoye says:
    June 12, 2021 at 6:20 am

    Re-table for the New consequential adjustment pension salary for nitel pensioners.sir, I want to have the table to confirm the percentage adopted so also channel of communication for review if there is error

    Reply
  10. Cpl.Aliyu Umar(rtd) says:
    June 21, 2021 at 8:37 pm

    Why have Nigerian Military Pensioners not been paid thier incrememnt arrears uptill now?

    Reply
  11. Danjuma Ibrahim says:
    June 25, 2021 at 7:29 am

    From the look of things, the NSIWC did not do a proper review and adjustment of pensioners’ salaries, or that the government is not willing to work by the rules, giving the fact that, pensioners are supposed to have had their pensions increased every five years and which has not been the case in more than a decade. These elderlies, have persevered for too long before been paid peanuts as consequential adjustments. Many have died in the course of waiting for the payment. The government can do better than this. This adjustment is definitely unacceptable i must confess, considering the labour of our heroes past.

    Reply
  12. Muhammad Usman Fagge says:
    July 5, 2021 at 7:03 am

    The remaining pension arrears should be paid without any delay. We are hoping that arrears payment should continue so that we can enjoy the arrears.

    Reply
  13. Aliu Oyewole Oseni says:
    July 5, 2021 at 10:40 am

    Just a few minutes ago one Mr..Daniel sent an SMS to me on including my name in batch B of payment of pension gratuity,and arrears. He asked me to contact one Zainab,but I didq not get through. I don’t know if this is a scamma? I can send the SMS if giving where to send it to Thanks.

    Reply

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