Retirees in Nigeria are set to benefit from a ₦32,000 monthly pension increase, following the adjustment of salary structures linked to the 2024 minimum wage review. This adjustment was confirmed in a memo from the National Salaries, Wages, and Income Commission (NSIWC), dated September 27, 2024, and signed by the commission’s chairman, Ekpo Nta.
The pension hike will affect retirees from sectors including healthcare, education, law enforcement, paramilitary services, and the armed forces. The memo states that the increase applies to retirees under the Consolidated Salary Structures for these public sectors and will be implemented retroactively from July 29, 2024.
President Bola Tinubu signed the new minimum wage into law in July after consultations with the Nigeria Labour Congress and Trade Union Congress, setting the stage for these consequential adjustments. The government emphasized that any agencies not covered by the listed salary structures should apply to NSIWC for appropriate pension increases.
This move comes as part of broader efforts to align pensions with the updated salary scale for civil servants under the new minimum wage act.
