Minimum wage: Celebration as FG raises retirees’ pension, actual figure disclosed

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Retirees will get a monthly pension increase of N32,000, as confirmed by the National Salaries, Wages, and Income Commission (NSIWC) in a memo dated September 27, 2024
Retirees from various sectors, including doctors, health workers, lecturers, police, paramilitary, and armed forces, under specified salary structures will benefit from this increment
The approval of the N32,000 increment takes effect from July 29, 2024, aligning with the implementation date of the amended new National Minimum Wage

Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements.

Following the consequential adjustment in salary structures by the federal government committee set up to review the new minimum wage, retirees will now receive an increment of N32,000 in their monthly pensions.

Retirees’ pension raised by N32,000, details emerge

This was revealed in a memo by the National Salaries, Wages, and Income Commission (NSIWC), sighted on Monday, September 30, by The Punch.

According to the memo, dated September 27, 2024, and signed by the chairman of the NSIWC, Ekpo Nta, the affected retirees are those who retired under the salary schemes for doctors, health workers, lecturers, police, paramilitary, armed forces, and others.

“The approval takes effect from July 29, 2024. Agencies that are not part of any of the above-mentioned salary structures should, in line with Section 173 (3) of the 1999 Constitution of the Federal Republic of Nigeria (as amended) and Section 3 (P) of the NSIWC Act, apply to the commission to determine the appropriate increase that will be applicable to their retirees.”

Recall that Ekpo Nta, the chairman of the National Salaries, Incomes and Wages Commission, confirmed that the government has approved the upward review of consolidated public service salary structure, CONPSS in line with the minimum wage (Amendment) Act, 2024.

This followed President Bola Ahmed Tinubu’s approval of N70,000 new minimum wage on July 18, 2024, and the Senate’s passage into law, a development that delighted the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC).

The minimum wage adjustment was intended to improve workers' living standards amidst rising inflation and economic challenges.

Meanwhile, while the wage increase is a positive development for employers of labour, businesses must prepare for its potential ripple effects on operations, staffing strategies, and overall financial health.

Read related articles on minimum wage here:

NLC: N70k minimum wage now useless

Earlier, Legit.ng reported that the Nigeria Labour Congress expressed regret for accepting the N70,000 minimum wage.

At a recent event in Lagos state, Joe Ajaero lamented that the N70,000 wage has been rendered useless as petrol prices skyrocket and economic hardship persists.

The NLC president also lamented that Tinubu betrayed organised labour by increasing fuel prices immediately after signing the new minimum wage bill into law.

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Source: Legit.ng

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