The federal government has approved the payment of pension increments for pensioners under the Defined Benefit Scheme being managed by the Pension Transitional Arrangement Directorate (PTAD).
Dr Chioma Ejikeme, PTAD’s Executive Secretary who made revelation at the commissioning the new Kwara State Office in Ilorin, said the payment will commence in August.
It could be recalled that President Bola Ahmed Tinubu had signed the new minimum wage of N70,000 into law which also means increase in monthly pension of pensioners under the Defined Benefit Scheme (DBS).
She said: “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.”
According to her, the increment, which takes effect from Jan. 1st 2024, is quite historic as it is the first time that the government has proactively, promptly and timeously implemented this constitutional provision.
“PTAD will be implementing this increment with commencement of the payment of the accrued arrears this August 2024.
“I wish to use this opportunity to encourage the pensioners who are yet to confirm their aliveness through the “I Am Alive” confirmation solution to do so,” she added.
She also commended President Tinubu for ensuring timely release of funds for payment of pensions and recent increment of pensions.