Pension row: Military retirees question new payment formula
Nigerian military retirees have expressed dissatisfaction with the new payment formula adopted by the Military Pensions Board, stating it falls short of ex Read More: https://punchng.com/pension-row-military-retirees-question-new-payment-formula/
Veterans are unhappy with the new pension formula put in place by the Military Pensions Board. Retirees claim their payments are lower than they expected, according to Coalition of Concerned Veterans spokesperson Abiodun Durowaiye-Herbert. The board explained the formula during a meeting on Friday, but some veterans are still unsure about it.
Durowaiye-Herbert said the formula considers 10 years of service with a 40% payment, adding 2% for each additional year. He questioned why the board didn't use the same approach as salary adjustments for active-duty military personnel. The controversy stems from the difference between what retirees expected and what they received.
The coalition plans to write to the board to clarify the situation before deciding on further actions.
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