President Bola Ahmed Tinubu’s N32,000 wage award, the Consequential Pension Adjustment (CPA), and other statutory pension entitlements have been revised, and the Association of Former Employees of NICON Insurance (AFENI) Pensioners has bemoaned the “systematic exclusion” of its members from these benefits.
According to the body, the exclusion violated the principles of equality and national inclusion and was a heinous act of injustice.
The association said following a circular issued by the National Salaries, Incomes and Wages Commission (NSIWC) on 8th July 2024 (SWC/S/04/S.557/T/171), PTAD re-implemented the 2019 CPA for pensioners under the Defined Benefit Scheme, using the Grade Level model rather than the previously adopted Pay Band structure
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