Is PTAD ready to go for payment of Minimum Pension Consequential Adjustment from National Minimum Wage 2019?
The Federal Government has approved the adjustment in pensions of retirees under the Defined Benefit Scheme, arising from the implementation of the New National Minimum Wage Act 2019.
Mr Ekpo Nta the Acting Chairman of National Salaries, Incomes and Wages Commission (NSIWC) has confirmed that Pension Transitional Arrangement Directorate (PTAD), is ready to go, on the payment of minimum pension consequential adjustment arising from National Minimum Wage 2019.
Statement by Mr Ekpo Nta the Acting Chairman of NSIWC
We would not have sent out the circular if we did not have the ability to look at the cost implications. When such decisions are arrived at, it is not done alone with the National Salaries, Wages and Income Commission. It is done in collaboration with the budget office and the Pension Transition Administration Department (PTAD). PTAD is the organization responsible for everybody on the old pension scheme until the last person on the scheme passes on. It is a transitional arrangement set up by law.
We have been anticipating this approval to come in and PTAD, that had always been in the picture, had made arrangements for the availability of funds and I can assure you, based on what we discussed with them, they are ready to go.
Confirmation from PTAD on when payment will be made
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.
Also read
FG approves New Minimum Pension for Pensioners
No DBS Pensioners will be Left Out of the Consequential Adjustment (Minimum Pension)
Full Circular released by National Salaries, Incomes and Wages Commission (NSIWC) on Consequential Adjustment in Pensions Arising From National Minimum Wage 2019
Is PTAD ready to go for payment of Minimum Pension Consequential Adjustment from National Minimum Wage 2019?
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