Connect with us

News

New minimum wage increment to be reflected in old pension scheme—FG

Published

on

The Federal Government has approved the adjustment in pensions of retirees under the defined benefit pension scheme arising from the implementation of the New National Minimum Wage Act 2019.

In an interview with our correspondent on Friday, Mr Ekpo Nta, Acting Chairman, National Salaries, Incomes and Wages Commission (NSIWC) said the approval would take effect from April 18, 2019.

The circular from the NSIWC on Thursday noted that pensioners who retired on Grade Level 17 on CONPSS would receive a new monthly pension of N188,688.49, representing a nine per cent increase.

Grade level 16 retirees would receive N154,576.39, while those on level 15 would get N123,964.72, both also representing a nine per cent increase.

The grade levels representing a 10 per cent increase are 14 with N92,194.53; 13 with N84110.56; 12 with 76,604.35; and 10 with N68,114.13.

Levels nine and eight are both with a twelve per cent increase representing N59,570.18 and 50,520.68 respectively.

For level seven, a 14 per cent increase is recorded representing N40,934.64 while level six is a 42 per cent increase representing N37,242.21.

Levels five to one recorded increases of 51 per cent, 55 per cent, 57 per cent, 58 per cent and 59 per cent, each level representing N32,49146, N29,179.14, N26.942.50, N25,239.45 and N23,426.17.

The difference in increment ranged from the highest which is N15,579.78 to the lowest of N8,692.83.

It further noted that President Muhammadu Buhari had approved the consequential adjustment in pensions of retirees, under the defined benefit scheme consequent to the implementation of the National Minimum Wage (Amendment) Act 2019.

It pointed out that agencies on the following salary structures would be affected.

They are Consolidated Public Service Salary Structure (CONPSS); Consolidated Research and Allied Institutions Salary Structure (CONRAISS); Consolidated Tertiary Institutions Salary Structure (CONTISS II); and Consolidated University Academic Salary Structure (CONUASS II).

Others are Consolidated Tertiary Educational Salary Structure (CONTEDISS); Consolidated Polytechnics and Colleges of Education Academic Salary Structure (CONPCASS); Consolidated Health Salary Structure (CONHESS); and Consolidated Medical Structure (CONMESS).

The rest are Consolidated Intelligence Community Salary Structure (CONICSS); Consolidated Armed Forces Salary Structure (CONAFSS); Consolidated Police Salary Structure (CONPOSS); and Consolidated Paramilitary Salary Structure (CONPASS).

Nta said the review would not affect workers and pensioners on the contributory pension scheme and added that payments would be effected immediately.

“This review is addressing those on the old pension scheme which is the defined pension scheme.

“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, the Pension Transition Administration Department (PTAD).

“It is the organisation 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,” he said.

The acting chairman explained that the conditions of the contributory pension scheme were different from the defined scheme.

“The difference is the workers that are on the contributory scheme are contributing towards their pension in later years when they finally leave the service or retire.

“They have a portion they are contributing and the government is also contributing a percentage.

“The way it is arranged under this new pension scheme the worker can actually take out extra insurance to cover himself or herself and his or her family in arrangement with their Pension Fund Administrator.”

He advised that those agencies did not fall under the recognised consolidated salary structures to get in touch with the commission.

He also said the constitution stated that workers’ salaries be reviewed every five and earlier, if the federal government so decides.

Nta further encouraged Nigerians to regularly visit the websites of the NSIWC, PTAD and the Pensions Commission for accurate information.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

“Nigeria’s Biggest Ever Coalition, Civil Groups, Professionals, Labour, Artisans, Declare for Bola Tinubu”

Published

on

By

In what is being described as an unprecedented political development ahead of the 2027 general elections, a broad-based national coalition cutting across civil society organisations, professional bodies, labour groups, artisan associations, and other grassroots networks has announced plans to formally endorse President Bola Ahmed Tinubu for a second term in office.

The coalition, spearheaded by the Coalition of Civil Society Organisations in Nigeria, COCSON, now extends far beyond the traditional civic space, bringing together over 1,500 groups from diverse sectors of the Nigerian society. Participants include human rights organisations, medical and legal professionals, trade and artisan unions, community-based organisations, and influential labour leaders, reflecting a wide national spread and multi-sectoral backing.

The historic convention is scheduled to hold on May 17, 2026, where leaders and representatives of the various groups are expected to converge in what organisers say will be the largest endorsement gathering in Nigeria’s history. The event will serve as the official platform for the coalition to collectively declare support for President Tinubu’s re-election bid.

In a major demonstration of grassroots mobilisation, the coalition also revealed plans to submit a compiled total of 20 million signatures of Nigerians who have endorsed the President’s candidacy. The signatures, gathered through extensive nationwide engagement, are being positioned as a clear indication of public support cutting across regions, professions, and social strata.

Organisers of the event stated that the decision to back President Tinubu is driven by what they described as tangible strides in economic reforms, governance, and national stability. They emphasised that the inclusion of non-traditional actors such as artisans, market groups, and labour unions underscores a broader national consensus that transcends the usual civil society framework.

Political analysts say the scale and diversity of this coalition mark a significant shift in Nigeria’s political landscape, where support structures are no longer confined to political parties and elite stakeholders but are increasingly driven by a fusion of grassroots and professional constituencies.

As momentum builds towards the May 17 convention, observers are keenly watching how this expansive alliance will shape political narratives and influence voter sentiment in the lead-up to the 2027 elections.

Further details on the convention and breakdown of participating groups are expected to be unveiled in the coming days.

In what is being described as an unprecedented political development ahead of the 2027 general elections, a broad-based national coalition cutting across civil society organisations, professional bodies, labour groups, artisan associations, and other grassroots networks has announced plans to formally endorse President Bola Ahmed Tinubu for a second term in office.

The coalition, spearheaded by the Coalition of Civil Society Organisations in Nigeria, COCSON, now extends far beyond the traditional civic space, bringing together over 1,500 groups from diverse sectors of the Nigerian society. Participants include human rights organisations, medical and legal professionals, trade and artisan unions, community-based organisations, and influential labour leaders, reflecting a wide national spread and multi-sectoral backing.

The historic convention is scheduled to hold on May 17, 2026, where leaders and representatives of the various groups are expected to converge in what organisers say will be the largest endorsement gathering in Nigeria’s history. The event will serve as the official platform for the coalition to collectively declare support for President Tinubu’s re-election bid.

In a major demonstration of grassroots mobilisation, the coalition also revealed plans to submit a compiled total of 20 million signatures of Nigerians who have endorsed the President’s candidacy. The signatures, gathered through extensive nationwide engagement, are being positioned as a clear indication of public support cutting across regions, professions, and social strata.

Organisers of the event stated that the decision to back President Tinubu is driven by what they described as tangible strides in economic reforms, governance, and national stability. They emphasised that the inclusion of non-traditional actors such as artisans, market groups, and labour unions underscores a broader national consensus that transcends the usual civil society framework.

Political analysts say the scale and diversity of this coalition mark a significant shift in Nigeria’s political landscape, where support structures are no longer confined to political parties and elite stakeholders but are increasingly driven by a fusion of grassroots and professional constituencies.

As momentum builds towards the May 17 convention, observers are keenly watching how this expansive alliance will shape political narratives and influence voter sentiment in the lead-up to the 2027 elections.

Further details on the convention and breakdown of participating groups are expected to be unveiled in the coming days.

Continue Reading

News

How ISWAP killed Army Col. Six others in Borno.

Published

on

☆☆☆As Troops Foil Series of Ambushes.

Troops of the Nigerian Army under operation Hadin Kai have foiled a series of ambush by suspected members of the Islamic State West Africa Province (I SWAP) terrorist along the Monguno in Borno state.

Islamic state of West Africa province (ISWAP) have attacked the Nigerian army from Monguno 242 Battion Barrack in Borno State on their way to reinforce the camp.

A serving Nigerian Army Colonel was  reportedly  killed in an ambush by  insurgents in Monguno, Borno State, during a reinforcement mission

Source added said that colonel I.A. Muhammad was ambushed by ISWAP and killed along with four other soldiers.

Community confirmed that the troops who were on a fighting patrol as part of operation,came under fire from suspected terrorists 

As of the time of felling this report, there has been no official statements from the Nigerian Army regarding the accident.

Continue Reading

News

Dogara Felicitates Dangote at 69, Applauds His Enduring Impact on Africa

Published

on

By

Hon. Yakubu Dogara, former Speaker of the House of Representatives and Chairman of the Credit Guarantee Company Limited (NCGC), has joined Nigerians and the global business community in celebrating Alhaji Aliko Dangote on his 69th birthday. In a detailed tribute, Dogara described Dangote as “a visionary whose life’s work has become a cornerstone of Africa’s economic transformation.”

Dogara emphasized that Dangote’s entrepreneurial journey is one of resilience and foresight. From humble beginnings, he built the Dangote Group into Africa’s largest conglomerate, with investments spanning cement, sugar, salt, fertilizers, and the landmark Dangote Refinery. These ventures, Dogara noted, have not only revolutionized industries but also created millions of jobs, strengthened Nigeria’s economy, and reduced dependence on imports. “Alhaji Dangote is not just an entrepreneur; he is a nation-builder whose vision has redefined what is possible for Nigeria and Africa,” Dogara said.

He pointed out that the Dangote Refinery, in particular, represents a turning point in Nigeria’s energy sector, offering the promise of self-sufficiency in petroleum products and positioning the country as a major player in global energy markets. “This singular achievement underscores his commitment to solving Africa’s most pressing challenges through bold and innovative solutions,” Dogara remarked.

Beyond his industrial empire, Dogara praised Dangote’s philanthropy through the Dangote Foundation, which has invested heavily in healthcare, education, and humanitarian relief. From building hospitals and funding scholarships to providing aid during crises, Dangote’s generosity has touched countless lives across the continent. “His philanthropy reflects a deep commitment to humanity. He has shown that true greatness lies not only in building industries but also in uplifting lives,” Dogara added.

Dogara also reflected on the inspirational power of Dangote’s story, stressing that his rise from modest beginnings to global prominence serves as a beacon of hope for young Africans. “His journey proves that with hard work, faith, and determination, Africans can build enterprises that rival the best in the world. He remains a shining example of African excellence,” he concluded.

As Dangote celebrates his 69th birthday, his legacy continues to resonate far beyond Nigeria’s borders. His life stands as a testament to the transformative power of vision, enterprise, and compassion—an enduring reminder that Africa’s future can be defined by innovation, resilience, and generosity

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.