The Nigeria Union of Pensioners (NUP) has urged the Federal and state governments to use the new minimum wage of N70,000 as a basic or template to re-compute pension emoluments for its members.
The union noted that since the minimum wage for the workers has been increased by 110 per cent, the same increment should apply to pensions.
Addressing reporters in Abuja, NUP National President Godwin Abumisi, and General Secretary Actor Zal, said: “…In line with the current economic situations we find ourselves, we wish to humbly suggest that the Federal and state governments should consider using the new minimum wage of N70,000 as a basic or template to re-compute pension emoluments.
“That is to say if the minimum wage for the workers is increased by 110 per cent, the same rate of increment should be used to adjust pensions. It is an incontrovertible fact that all categories of wage earners are in the same ship navigating stormy waters.
“Therefore, given the present economic quagmire we find ourselves, it will be discriminatory to approve 110 per cent for workers and give the pensioners less in the same economy. This argument can be logically buttressed by the simple fact that, if the idea for the minimum wage is to enable workers meet up with the ever-increasing cost of living and cushion the effects of hyperinflation, then the pensioners should get it too, as they are also affected by the vagaries of economic hardship.
“As we all know, the pensioners are no longer in service and do not have any other means of settling their ever-pilling bills. It is, therefore, equitable that they should be given a living minimum pension.