PTAD Begins Payment of Pension Increments After FG Releases N20.188 Billion
Oru Leonard
The Pension Transitional Arrangement Directorate (PTAD), has started implementing approved pension increments for retirees under the Defined Benefit Pension Scheme (DBS) following the release of N20.188 billion by the Federal Government. The increments include ₦32,000, 10.66%, and 12.95% for eligible pensioners
The approved increments include: ₦32,000, 10.66% and 12.95% pension increment for eligible pensioners under the management of PTAD.
A statement by PTAD management noted that this milestone clearly reaffirms the Federal Government’s dedication to safeguarding the welfare and entitlements of DBS Pensioners in line with the Renewed Hope Agenda.
PTAD expressed profound appreciation to President Bola Ahmed Tinubu, for approving the emergency funding allocation to implement the pension increments as well as other landmark reforms that is certain to enhance the welfare of the beneficiaries and redefine the future of the Defined Benefit Scheme (DBS) pension administration.
“We also acknowledge the unflinching support of the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; the
Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite; the Chief of Staff to the President, Hon. Femi Gbajabiamila; the Special Adviser to the President on Revenue, Dr Zacch A. Adedeji; the Accountant-General of the Federation, Mr. Shamseldeen B. Ogunjimi, the Senate Committee on Establishment & Public Service, the House Committee on Pensions, and other Stakeholders too numerous to mention.
“Their commitment, timely interventions, tireless disposition, partnership and coordinated efforts have been instrumental in ensuring that this day, when the DBS Pensioners will begin to enjoy this enhanced pension payment, is realised.
“We sincerely appreciate the national leadership of the Nigeria Union of Pensioners (NUP) and the Federal Parastatals and Private Sector Pensioners Association of Nigeria (FEPPPAN), for their cooperation, understanding, constructive discussion, collaboration and perseverance while the Executive Secretary and Management of PTAD worked diligently to secure the release of funds.
“We further assure all our DBS Pensioners and Stakeholders that the Directorate will continue to collaborate with the relevant authorities towards release of the outstanding approved funds and subsequent fulfilment of all future obligations relating to the pension increments and the landmark reforms”, the statement reads.
