FG announces increase in payment for pensioners from May

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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.

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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.

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.

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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.’’

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Sam Rantimi

About the Author: Sam Oluwarantimi

Interpersonal Communication Specialist & Graduate (Biology), Obafemi Awolowo University. Join me on Twitter.

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