Some pensioners have called on the Federal Government to implement the N32,000 pension increment stipulated by the National Minimum Wage (Amendment) Act, 2024.
Speaking to reporters in Abuja on Sunday, the pensioners expressed the urgent need for their entitlements to be paid, as they rely on their pensions to cover essential expenses like food, medical care, and other bills. They highlighted the increasing financial difficulties they face due to the rising cost of living, urging the government to adjust their monthly pensions to reflect the current economic challenges.
Mr. Etheleert Ibeh, the National Public Relations Officer (PRO) of the Nigeria Union of Pensioners Contributory Pension Scheme Sector (NUPCPS), emphasized the need for the government to clear any outstanding arrears related to the pension increment. He noted that while the minimum wage had been raised several times, pensioners had not received any corresponding increases.
Ibeh explained that, according to the Act, when the minimum wage is increased, a proportional percentage should be added to pensions. “Pensioners and non-pensioners buy from the same market,” he said. “We used to receive little pension, which we could barely survive on. Now, with the current economic hardship, we are still getting the same amount, making it even harder to make ends meet.”
He also pointed out the difficulties pensioners face in managing school fees for children, paying rent, and covering medical costs. “Once you reach 60, you can no longer access your health insurance, and that’s when you need it the most,” he added.
Obialunanma Uzor, a retired Deputy Director, shared that she had not received any payments since retiring in May 2024, and her health insurance had been stopped. She also urged regulators to investigate and monitor the operations of Pension Fund Administrators (PFAs).
Alhaji Musa Adamu, a retired Director, also mentioned that he had yet to receive his benefits, despite retiring in May 2024.
The reports further explained that “programmed withdrawal” is a retirement plan offered by PFAs, providing retirees with monthly or quarterly payments for life. Additionally, an annuity is a retirement plan purchased from an approved life insurance company, which offers regular income to retirees during their lifetime.
