Minimum Wage: Buhari approves payment of Consequential Adjustment to pensioners

President Muhammadu Buhari has approved the payment of the consequential adjustment to pensioners under the Defined Benefit Scheme (DBS) in line with the minimum wage approved in 2019. The Executive Secretary, Pension Transitional Arrangement Directorate (PTAD), Dr Chioma Ejikeme, disclosed this at a news conference yesterday, in Abuja. She said that with the presidential approval, PTAD had been empowered to start the upward adjustment of all pensioners’ benefits according to the approved template. Ejikeme said that the adjustment of the new pension payment would start from May 2021, adding that…

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5.1m Pension contributors to undergo data recapture – PenCom

Ø  Recovers N553.03m from defaulting employers No fewer than 5.1 million pension fund contributors are set to undergo fresh data recapturing. This became necessary after findings showed that they submitted either incomplete or no data during the previous data recapturing exercise. In a data released by the pension industry’s regulatory body, the National Pension Commission (PenCom) at the weekend, 5.1 million Retirement Savings Account (RSA) holders had incomplete documentation as at Q4 2020. According to its report, findings show that, of the 9.27 million RSA holders, only 4.1 million pension…

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