President Muhammadu Buhari has approved the payment of the consequential adjustment to pensioners.
Buhari’s approval of the Defined Benefit Scheme (DBS) is in line with the minimum wage approved in 2019.
Chioma Ejikeme, the Executive Secretary, Pension Transitional Arrangement Directorate (PTAD), confirmed the development to reporters in Abuja.
Ejikeme said PTAD was now empowered to start the upward adjustment of all pensioners’ benefits according to the approved template.
The payment would start from May 2021 and the arrears would cover the period of the implementation of the minimum wage.
“The arrears from April 2019 will be paid along with the pensioners’ monthly benefit starting from May 2021 payroll”, she said
Ejikeme added that PTAD would not request the senior citizens to pay anyone before they receive their money.
The official further advised them not to give their account details to anybody and to report any scammer to any of the security agencies or PTAD.
Minimum wage: Buhari approves payment of upward adjustment to pensioners