Pension Adjustment: PTAD Completes Arrears Payment
Posted on November 23, 2021	by Patoma Admin
By Favour Nnabugwu
The Pension Transitional Arrangement Directorate (PTAD) says it has completed the payment of arrears arising as a result of the consequential adjustment to pensions to three out of the four operational departments in the Directorate.
A statement from PTAD reads: "It would be recalled that following the Presidential approval for a consequential adjustment to pension of the retirees under the Defined Benefit Scheme as a result of the increase in minimum wage in 2019, PTAD commenced payment of the pension increment in May 2021, with an accrued arrears of twenty-four months.
The Civil Service Pensioners were paid nine months out of the twenty-four months' arrears while the Parastatals, Police, and Customs, Immigration and Prisons Pensioners were paid twelve months' arrears in May.
In July 2021, PTAD paid an additional 9 months of the consequential adjustment arrears occasioned by the minimum wage increase of 2019 to Civil Service Pension Department Pensioners and 6 months of the same arrears to Parastatals, Police, Customs, Immigration and Prisons Department Pensioners, thus bringing the arrears paid so far to a total of 18 out of the 24 months' arrears of the Pension Increment
In line with the promise made by the Executive Secretary of PTAD, Dr. Chioma Ejikeme, more of the accrued arrears have been paid, leading to a complete payment in three operational departments, with a promise to pay the remaining arrears before the end of first Quarter of 2022.
The cleared departments are: Parastatals Pension Department, Customs Immigration and Prisons Pension Department, and Police Pension Department; while a balance of three months' arrears is still being owed the retirees under the Civil Service Pension Department.
While thanking the pensioners for their understanding, the Executive Secretary of PTAD promised to continue promoting the welfare of the Senior Citizens in accordance with the mandate of the Directorate."
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