Pension row: Military retirees question new payment formula

Military retirees are expressing dissatisfaction with the new pension payment formula adopted by the Military Pensions Board, questioning whether the payments they receive meet their expectations. The Coalition of Concerned Veterans, represented by Abiodun Durowaiye-Herbert, has sought clarification from the board regarding the rationale behind the calculations.

The proposed formula reportedly considers a minimum of 10 years of service, attracting a 40% payout, with an additional 2% for each subsequent year. However, Durowaiye-Herbert has highlighted that this approach differs from the salary adjustments approved for serving military personnel, leading to a discrepancy between the retirees' expectations and the amounts credited to their accounts.

The controversy has prompted the coalition to plan a formal letter to the board to address their concerns and seek further clarification before deciding on further action.

Brief written by urgent.news from Punch Nigeria's own syndicated text. Machine-written — may contain errors; check the original before relying on it.