PenCom raises benefits of NSITF retirees by 1,173% after 21-year freeze
The National Pension Commission (PenCom) has approved a 1,173% increase in pensions for retirees under the Nigeria Social Insurance Trust Fund (NSITF), ending a 21-year freeze that left beneficiaries on incomes ravaged by inflation.
The approval was disclosed in a statement on Wednesday by PenCom’s Director-General, Ms Omolola Oloworaran.
The decision affects 2,116 retirees, pushing combined monthly pension payments from N12.56 million to N159.95 million and significantly improving post-retirement welfare for long-neglected pensioners.
