The recent announcement of a new minimum wage of N70,000 has left many pensioners feeling neglected and forgotten.
Despite their years of dedicated service to the nation, they have been overlooked in the negotiations, with no serious advocate to champion their cause.
This is not a new phenomenon, as pensioners have historically been marginalized in pay rise discussions. However, it is imperative that we recognize the plight of these senior citizens and take immediate action to address their struggles.
Many pensioners, including former managers, commissioners, ministers, and vice chancellors, are still alive and facing unprecedented hardships.
Their maximum pay during active service was often lower than the newly announced minimum wage, highlighting the stark disparity in their current circumstances.
The effects of inflation and the skyrocketing cost of living disproportionately affect pensioners, who require frequent medical attention and expensive medications to manage various health conditions.
The harsh reality is that over half of Nigerian pensioners receive pensions below the new minimum wage, making survival a daily struggle.
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Those on the new pension scheme face an even bleaker future, with static pensions that will never increase until they pass away. It is our collective responsibility to ensure that these individuals are not left behind.
To address this issue, we propose the following:
1. Urgent review of all pensions, including Withdrawal, Annuity, and Old Pension Schemes, to align with the new minimum wage, guaranteeing the survival of pensioners.
2. PENCOM should collaborate with the government to expedite this process.
3. Insurance companies, responsible for pensioners’ funds, should be given a Special Pensioners’ Relief Fund by the PFAs to be able to readjust monthly pensions of retirees in line with the new minimum wage.
4. Pensioners deserve rebates or subsidies for medical facilities, food, electricity, transportation, and other social welfare packages.
While these demands may seem extravagant to some who feel pensioners should be used and dumped, it is essential to remember that active workers today will become pensioners tomorrow.
The journey of life is short, and we must show compassion and empathy towards our seniors. We call on the government and relevant authorities to take immediate action and ensure that pensioners are included in the minimum wage struggle. Their survival and well-being depend on it.
Professor I A Olaofe @opinion desk.series
