PTAD Pays Final N32,000 Arrears to 54,206 Pensioners

In a move that brings significant relief to thousands of retirees, the Pension Transitional Arrangement Directorate (PTAD) has announced the final settlement of outstanding one-month arrears related to the N32,000 pension increment. This disbursement marks the full payment of the increment, which was approved by the National Salaries, Incomes and Wages Commission (NSIWC) and took effect from July 29, 2024.

The Directorate confirmed that a total sum of N1,734,592,000 was paid to 54,206 eligible pensioners under the Defined Benefit Scheme (DBS). The payment was strategically divided between the Parastatals Pension Department (PaPD), which paid 25,804 pensioners a total of N825,728,000, and the Tertiary Education and Health Pension Department (TEHPD), which disbursed N908,864,000 to 28,402 pensioners. These arrears covered a 13-month period, with 12 months having been paid in earlier phases.

“

With this final payment, all outstanding obligations of the ₦32,000 pension increment have now been fully settled.

PTAD also clarified that pensioners from specific defunct agencies, such as Peoples Bank of Nigeria, NICON Insurance, NITEL/MTEL, PHCN, Assurance Bank, Nigeria Reinsurance, and Petroleum Training Institute (PTI), are not eligible for the N32,000 increment. This exclusion is in accordance with NSIWC circulars, as these pensioners had previously benefited from percentage-based pension increases. PTAD reiterated its unwavering commitment to the welfare of DBS pensioners, emphasizing transparency, accuracy, and timely administration as core principles of its operations, aligning with the Federal Government's Renewed Hope Agenda.

“

We remain committed to ensuring the welfare and dignity of DBS pensioners through transparency, accuracy, and timely pension administration.