Federal Government Considering Pension Increase In 2024, Says Wages Commission

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I wanted to share some promising news about potential pension increases for the upcoming year. Recently, the National Salaries, Incomes, and Wages Commission (NSIWC) hinted at the possibility of a raise in pensions for next year.

This information came to light during a visit by the executive committee of the Nigeria Union of Pensioners, led by Chairman Samuel Adewale, to the Chairman of NSIWC, Ekpo Nta.

It seems the NSIWC has submitted a comprehensive report on pension harmonization to the Federal Government.

This report, submitted back in May 2023, is currently being actively pursued, and decisions regarding pension increases in 2024 hinge on the outcomes of this report.

During discussions, concerns were raised by pensioners regarding delayed receipt of approved palliatives and issues with incorrect computations of adjustments and deductions from pensions.

Chairman Ekpo Nta assured the committee that relevant government bodies were working to resolve these concerns. Moreover, the NSIWC pledged to thoroughly investigate and rectify any discrepancies based on the documents submitted by the union.

It's important to note that NSIWC circulars, which include provisions for seeking clarification, are developed after extensive consultations with major stakeholders, including the Federal Government.

Chairman Nta emphasized the importance of preventing any unilateral amendments without written consent from the NSIWC.

Additionally, in line with the National Minimum Wage Act 2019 and Section 173(3) of the Constitution of the Federal Republic of Nigeria 1999 (as amended), the NSIWC, as the secretariat of the Tripartite Committee of the National Minimum Wage, is gearing up for discussions concerning a new national minimum wage and a potential pension review in 2024.

Regarding the term "corresponding increase in pensions," Chairman Nta clarified that this specific term isn't used in Section 173(3).

He explained that increases in allowances for serving officers should not be perceived as direct increases in salaries.

Moreover, Chairman Nta advised the union to negotiate for more affordable health insurance covers with Health Maintenance Organisations.

To ensure easier communication, he recommended organizing free online Zoom meetings, considering the senior citizens' ages and minimizing unnecessary travel.

It's heartening to see the NSIWC's dedication to ensuring fair compensation for pensioners and their commitment to addressing the concerns voiced by the Nigeria Union of Pensioners.