According to a statement from the Directorate, the package includes a fixed payment of ₦32,000 as well as percentage increases of 10.66% and 12.95% for eligible pension categories. The new rates will benefit over 832,000 pensioners managed by PTAD.

The increment follows presidential approval for a series of welfare measures for DBS pensioners. These include pension harmonisation, enrolment into the National Health Insurance Scheme, and the settlement of long-standing unfunded liabilities.

PTAD disclosed that the implementation was made possible by the partial release of ₦820.188 billion from the ₦845 billion emergency fund approved by the Federal Government.

The Directorate expressed appreciation to the President, the Ministry of Finance, and other stakeholders for their support. It also commended organised pension groups for their cooperation during negotiations.

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PTAD assured pensioners that efforts are ongoing to secure the release of the remaining funds and to sustain implementation of the reforms.

The Defined Benefit Scheme covers retirees who left service before the introduction of the Contributory Pension Scheme in 2004, including those from defunct and privatised agencies as well as treasury-funded institutions. Many of them have faced years of irregular payments, delayed adjustments, and limited access to healthcare, issues the new reforms aim to address.

Source: Punch