The Federal government has approved the payment of pension increments for pensioners under the Defined Benefit Scheme (DBS) managed by the Pension Transitional Arrangement Directorate (PTAD).
Executive Secretary of PTAD, Dr. Chioma Ejikeme, announced this development during the recent commissioning of the new Kwara State Office in Ilorin.
The payments are set to begin in August.
This increment follows President Bola Ahmed Tinubu’s signing of the new minimum wage law, which raises the minimum wage to N70, 000 and consequently increases the monthly pensions for pensioners under the DBS.
Dr. Ejikeme stated: “It is with great pleasure that I am informing you that all of the receipts by PTAD of the 2024 Pension increment have been approved by the president.”
She highlighted that this increment, effective from January 1, 2024, is historic, marking the first time the government has proactively and promptly implemented this constitutional provision.
“PTAD will be implementing this increment with the commencement of the payment of the accrued arrears this August 2024,” Dr. Ejikeme added.
She encouraged pensioners who have not yet confirmed their status through the ‘I Am Alive’ confirmation solution to do so promptly.
Dr. Ejikeme also commended President Tinubu for ensuring the timely release of funds for the payment of pensions and the recent pension increment.
This initiative is seen as a significant step towards improving the welfare of pensioners and ensuring they receive timely and adequate support from the government.
