PTAD to begin payment N32,000 pension increment arrears

.Payroll to hit N63.6 bn annually

Tolulope Odunaiya, executive secretary of the Pension Transitional Arrangement Directorate (PTAD), has announced plans to implement the recently approved N32,000 pension increment for pensioners under the Defined Benefit Scheme (DBS).

The increment, which was backdated to July 29, 2024, aims to provide financial relief to retirees.

Speaking at the National Executive Meeting of the Nigeria Union of Pensioners (NUP) in Abuja, Odunaiya assured pensioners that PTAD is finalising plans to pay accrued arrears resulting from the increment.

Odunaiya explained that these payments would increase PTAD’s monthly payroll to N5.3 billion and the annual payroll to N63.6 billion. She assured pensioners that the accrued arrears related to the N32,000 pension increment would be cleared by the new year.

She revealed that the Directorate has already cleared eight months of arrears from the 20 percent and 28 percent pension increments for eligible pensioners under the Police Pension Department, and the Customs, Immigrations, and Prisons Pension Departments.

According to her, outstanding arrears for pensioners under the Parastatals Pension Department are currently being processed and are expected to be paid before the end of the month. Similarly, five months of arrears for eligible University Sector Pensioners are being processed for disbursement.

“The Parastatals Pension Department is already being processed for payment, and the files of the pensioners under the Civil Service Pension Department who are yet to be paid their arrears are undergoing different stages of checks and approvals,”

Additionally, Odunaiya disclosed that PTAD recently received two circulars from the National Salaries, Income, and Wages Commission (NSIWC) approving pension increments for pensioners from defunct agencies, including Peoples Bank, Assurance Bank, NICON Insurance, Nigeria Reinsurance, NITEL/MTEL, and PHCN.

These increments are adjustments for pensioners excluded from the 2019 Consequential Pension Adjustment. She added that PTAD is currently reviewing the circulars and working with NSIWC to ensure prompt implementation.

The executive secretary reiterated PTAD’s commitment to the welfare of pensioners in line with its mandate and President Bola Tinubu’s Renewed Hope Agenda. She pledged to do her best during her tenure and sought the partnership of pensioners to achieve mutual goals.

In response, pensioners expressed gratitude to Odunaiya and wished her a successful tenure.