PTAD stands by pension policy as ex-Assurance Bank workers protest
PTAD has responded to protests by former employees of Assurance Bank Plc at its Lagos office, insisting its pension policy follows government guidelines. The ex-workers demonstrated over their exclusion from a recent pension increment. PTAD clarified that these retirees are not eligible for the N32,000 increase, citing official circulars. The agency stated it has already implemented approved increases and disbursed significant funds to eligible pensioners.
TLDR
- Former Assurance Bank Plc workers protested at PTAD’s Lagos State office on Wednesday, June 10, 2026, over exclusion from the N32,000 pension increment approved by President Bola Tinubu in 2024.
- PTAD referenced a National Salaries, Incomes and Wages Commission circular dated September 27, 2024, stating that certain pensioners are exempt from the N32,000 increment.
- Another circular dated November 24, 2024, set pension increases for these groups at 10.66% and 12.95%.
- PTAD said it implemented these increments in its September 2025 payroll and cleared arrears.
- In December 2025, PTAD disbursed N5,095,197,136.52 to 11,205 eligible pensioners as 50% payment of arrears from the 10.66% and 12.95% increases.
