Some pensioners have urged the Federal Government to pay the N32, 000 pension increment according to the National Minimum Wage (Amendment) Act, 2024.
The pensioners who said they needed their entitlements to take care of their feeding, medicals and other bills, complained that they face hard times and urged the Federal Government to increase their monthly pension in line with the present economic reality.
The spokesperson of the Nigeria Union of Pensioners Contributory Pension Scheme Sector (NUPCPS), Mr Etheleert Ibeh, urged the government to pay all outstanding arrears of increment, adding that the pensioners had not received any pension increment whereas, minimum wage had been increased so many times.
Ibeh said the act provides that anytime there was an increment in minimum wage, a certain percentage would be added to the pension.
According to him, non pensioners and pensioners buy things from the same market.
“Before, we receive little pension that we can hardly survive on. And now, with the economic hardship, we still receive the same money. This makes it difficult for us to survive.
“Some of was still have children in schools, how do they pay their school fees? Some live in a rented apartment, how do they pay? how do we feed and pay for medical bills?
“Once you get to 60 years, you can no longer access your health insurance, whereas, it is that period you need it most,” he said.
Programmed withdrawal is a retirement plan offered by PFAs for monthly/quarterly payments to a retiree for a lifetime.
Also, annuity is a retirement plan purchased from an approved life insurance company that provides monthly or quarterly income to the retiree during his/her lifetime.
