The Pension Transitional Arrangement Directorate (PTAD) has announced that the consequential adjustment of the new pension payment will commence from May 2021 payroll with the arrears taking effect from April 2019.
This follows the Presidential approval for the implementation of the consequential adjustment to the pension benefits occasioned by the 2019 new minimum wage.
This disclosure was made by the Executive Secretary of PTAD, Dr Chioma Ejikeme, in a statement at the press conference on the consequential adjustment to pension benefits from the implementation of the new minimum wage.
The Executive Secretary in her statement said that with this approval, PTAD is now empowered to start the upward adjustment of all pensioners’ benefits according to the approved template.
The statement partly reads, “It is my immense pleasure to interact with you and brief you this morning. The Presidential approval for the implementation of the consequential adjustment to the pension benefits occasioned by the new minimum wage of 2019 has been granted and the circular released. With this approval, PTAD is now empowered to start the upward adjustment of all pensioners’ benefits according to the approved template.
The consequential adjustment of the new pension payment will start from the May 2021 payroll. The arrears will take effect from April 2019. PTAD will also commence payment of the arrears from May 2021.’’
In case you missed it
It can be recalled that on April 22, 2021, the Executive Secretary of PTAD, issued a press statement to inform the general public of the sincerity of President Muhammadu Buhari to implement the consequential adjustment on the pension benefits.
She emphasized that the Nigeria Union of Pensioners (NUP) have no reason to go on any protest because the matter was at the conclusive stage.
She pointed out that as an agency of government saddled with the mandate of overseeing the payment of pension benefits to pensioners under the Defined Benefit Scheme and taking care of their welfare, they are encouraged to do more for the pensioners and will continue to strive to improve the quality of their lives.
She asked them to report any scammer or anyone requesting gratification before their benefits would be paid to PTAD.