The Pension Transitional Arrangement Directorate has criticised a protest staged by former workers of the defunct Assurance Bank Plc at its Lagos State office, describing their demands as contrary to Federal Government guidelines.
The ex-workers staged a demonstration on Wednesday, June 10, 2026, over their non-inclusion in the N32,000 pension increment approved by President Bola Tinubu in 2024.
Reacting to the development through a statement sent to Sunday PUNCH, the management of PTAD stated that while it recognised the constitutional right of retirees to express their concerns, the protesters were fully aware that they were not entitled to the specific N32,000 increment.
The directorate said, “According to the National Salaries, Incomes and Wages Commission circular Ref. No. SWC/S/04/S.542/III/461 dated September 27, 2024, Defined Benefit Scheme pensioners of Peoples Bank of Nigeria, Assurance Bank, Nigeria Reinsurance, NICON Insurance, and NITEL/MTEL are exempted from the N32,000 pension increment.”
PTAD explained that instead
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