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Nigeria's PenCom Authorizes 1,173% Pension Hike to Counter Inflationary Erosion
Abstract：The National Pension Commission of Nigeria has approved a massive 1,173% increase in pension benefits for NSITF retirees, ending a 21-year freeze to counteract severe inflationary pressures.
The National Pension Commission (PenCom) has approved a monumental 1,173% increase in pension benefits for retirees under the Nigeria Social Insurance Trust Fund (NSITF). This marks the end of a 21-year freeze on benefit adjustments amid surging inflation in Nigeria.
Strategic Adjustment for Inflation
The upward review targets 2,116 retirees, addressing long-standing financial stagnation. According to PenCom, the adjustment aligns payouts with economic realities following significant currency depreciation.
Data Snapshot
- Increase Magnitude: 1,173%
- Beneficiaries: 2,116 NSITF retirees
- Duration of Freeze: 21 years
- Region: Nigeria
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