The Pension Transitional Arrangement Directorate (PTAD) has announced that the new monthly pension payment for pensioners in the parastatals under the Ministry of Power and Transportation will not start in July as previously planned. Instead, the new payment system will begin in August 2023.
This decision was made to address some logistical challenges that affected the back-end computation project for pensioners, according to Mr Gbenga Ajayi, the Head of Corporate Communications at PTAD.
He said that the directorate needed more time to ensure a smooth and accurate implementation of the new monthly pension derived from there.
He assured the pensioners that the directorate was working hard to complete the project and that they would receive their new monthly pension in August. He also thanked them for their patience and understanding.
The new monthly pension payment is part of the directorate’s efforts to improve the welfare and well-being of pensioners in the parastatals under the Ministry of Power and Transportation. The directorate hopes that the new payment system will bring more transparency, efficiency, and accountability to the pension administration.
The new monthly pension payment is expected to be more in line with the current cost of living and will provide much-needed relief to pensioners. The PTAD has assured pensioners that they will be paid their full pensions in August 2023.
This is a positive development for pensioners, who have been waiting for a long time for a more realistic and sustainable pension payment scheme. The new monthly pension payment will go a long way in helping them to meet their basic needs and live a dignified life.
