As Nigeria marked the 2024 Pensioners Day, the Ogun State chapter of the Nigeria Union of Pensioners (NUP) has called on the state government to urgently review the consequential increase in pensions for retirees.
The union emphasized that the economic hardships faced by pensioners were exacerbated by the lack of action on adjustments that had been promised since 2022.
Speaking at the Pensioners Day event held at the NUP Secretariat in Abeokuta over the weekend, the state chairman of the union, Waidi Oloyede, expressed frustration over the stalled efforts to adjust pensions in line with the approved 2019 federal government circular on consequential adjustments.
He revealed that the review committee set up by the state government to address this issue had not made any progress since its inauguration two years ago.
“The committee, inaugurated by the Secretary to the State Government on the 19th of July, 2022, held its inaugural and only meeting on the 2nd of August, 2022.
Since then, nothing has been heard regarding its outcome,” Oloyede said during his speech.
He pointed out that, despite the worsening economic situation in the country, which has taken a significant toll on retirees, their earnings remain stagnant.
Meanwhile, active workers in Ogun State have benefited from wage increases since 2020.
Oloyede highlighted that mainstream workers recently received a 40% peculiar allowance increase, effective from August 2023, aimed at cushioning the impact of the removal of fuel subsidies.
Pensioners, however, have not received any corresponding adjustments to their earnings.Oloyede also stressed the need for pensioners to be included in ongoing wage negotiations.
“May I use this medium to inform you that another important request agitating the minds of the elderly is the issue of the consequential increase in pensions.
“We request that our union, along with other organized labor groups, be represented at the negotiation forum to be constituted for the new national wage increase,” he said.
He added that such representation would ensure that retirees’ economic welfare is considered, particularly in light of directives from the federal government mandating consequential adjustments for pensioners.
According to him, a review of pension payments is critical to help retirees cope with the rising cost of living, which has been exacerbated by inflation and subsidy removal.
The chairman’s remarks echoed the sentiments of many retirees in Ogun State, who have long awaited meaningful action on the issue of pension adjustment.
The union’s call for immediate intervention comes as pensioners continue to face severe financial challenges, with many relying on meager pensions that have not been adjusted to match the current economic realities.
Oloyede urged Governor Dapo Abiodun to take swift action to address the concerns of pensioners, as they have been left behind in the state’s wage increase plans.
He appealed to the state government to prioritize the welfare of retirees, many of whom dedicated decades of their lives to public service, but are now struggling to make ends meet due to inadequate pension payments.
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