CPS
By Abigael Duru
The Federal Government has approved a ₦32,000 monthly pension increase for retirees under the Defined Benefits Scheme (DBS). This move aims to improve the welfare of retired federal workers, ensuring they receive adequate support amid economic challenges.
The increase applies to retirees from various sectors, including the Health Sector with Consolidated Medical Salary Structure (CONMESS) and Consolidated Health Salary Structure (CONHESS), the Education Sector with Consolidated Universities Academic Salary Structure, Consolidated Tertiary Institutions Salary Structure II, and Consolidated Polytechnics and Colleges of Education Academic Staff Salary Structure, and the Security and Armed Forces with Consolidated Para-Military Salary Structure, Consolidated Police Salary Structure, Consolidated Intelligence Community Salary Structure, and Consolidated Armed Forces Salary Structure.
The pension increase is part of the broader implementation of the National Minimum Wage (Amendment) Act of 2024, which took effect on July 29, 2024. President Bola Tinubu signed the new minimum wage into law after extensive consultations with labour unions. The adjustment is one of the government’s measures aimed at easing financial pressures on retirees and ensuring their pensions reflect current economic realities.
The pension increase amount is ₦32,000, and the beneficiaries are retired federal pensioners under the Defined Benefit Scheme (DBS). The Pension Transitional Arrangement Directorate (PTAD) is the administering body, and the reason for the increase is the implementation of the National Minimum Wage (Amendment) Act 2024 and consequential adjustments in salaries.
To qualify for the pension increase, retirees must meet the following conditions: they must have retired under the Defined Benefit Scheme (DBS), undergone PTAD pension verification exercise, be listed in the government’s payroll system, and be federal government retirees, excluding state and local government retirees. PTAD has assured pensioners that the directorate is committed to resolving payment delays and verification processes. Pensioners are advised to update their bank details and stay connected with pension unions to ensure they receive their rightful benefits.
