President Tinubu
PicNews
The Federal Government has commenced the payment of the recently approved N32,000 pension increment to retirees under the Defined Benefits Scheme, a development confirmed by the Pension Transitional Arrangement Directorate (PTAD). This increment is expected to bring relief to thousands of pensioners who have long awaited an upward review of their benefits in line with the current economic realities. According to PTAD, the adjustment covers retirees across various sectors, including civil service, parastatals, universities, teaching hospitals, and other government establishments. The move follows the Federal Executive Council’s approval aimed at cushioning the impact of inflation, rising cost of living, and economic challenges faced by senior citizens who depend on their pensions as their primary source of livelihood.
PTAD disclosed that the increment is being implemented in phases, ensuring that all eligible retirees under the scheme will receive the payment arrears that come with the adjustment. The Directorate emphasized its commitment to transparency and efficiency, assuring pensioners that all verified beneficiaries would be duly captured in the payment system. Pensioners’ unions and advocacy groups have welcomed the development, describing it as a timely intervention that would help address the financial difficulties many retirees face, particularly in meeting their healthcare, housing, and family needs.
For many beneficiaries, the increment is more than just a financial adjustment—it is also viewed as a recognition of their years of dedicated service to the country. The government reiterated its determination to continue implementing reforms in the pension administration system, to ensure that retirees are not left behind in national policies that address economic welfare. With this latest move, pensioners are hopeful that subsequent reviews will continue to reflect the realities of the economy and that the era of delayed or unpaid pensions will gradually be put to an end.
