New retirement age in nigeria
The retirement age in Nigeria is governed by the Pension Reform Act (PRA) 2014, which sets the retirement age at 65 years for federal employees and 60 years for state and local government employees. However, there are some exceptions and variations depending on the type of employment and the specific laws and regulations applicable to each sector.
Here are some key points to note:
- Federal Employees: The retirement age for federal employees is 65 years, as specified in the PRA 2014.
- State and Local Government Employees: The retirement age for state and local government employees is 60 years, as specified in the PRA 2014.
- Private Sector Employees: The retirement age for private sector employees is typically determined by the employer and may vary depending on the company's policies and the industry.
- Military Personnel: Military personnel have a different retirement age, which is determined by their rank and years of service. For example, commissioned officers can retire at 35 years of service, while non-commissioned officers can retire at 30 years of service.
- Public Sector Employees: Public sector employees, including those in the education and healthcare sectors, may have a different retirement age depending on the specific laws and regulations applicable to their sector.
- Voluntary Retirement: Employees in Nigeria can opt for voluntary retirement at any age, but they must give notice to their employer and comply with the relevant laws and regulations.
It's worth noting that the retirement age in Nigeria is subject to review and may be adjusted from time to time. Additionally, there may be variations in the retirement age for specific groups of employees, such as those in the informal sector or those who are self-employed.