Politics
FG releases N22 billion for accrued pension rights
The National Pension Commission (PenCom) has announced that the Federal Government has released an additional N22 billion for the payment of accrued pension entitlements for retirees of Ministries, Departments and Agencies (MDAs) under the contributory pension scheme. This payment covers retirees who retired between October 2023 and January 2024.
In a statement shared on its Instagram page on Tuesday evening, PenCom explained that the funds were disbursed through the Office of the Accountant General of the Federation to the Retirement Benefits Bond Reimbursement Fund account of the Central Bank of Nigeria. The funds disbursed are intended to settle the accrued pension rights of verified retirees from the Treasury-funded MDAs.
Retirees eligible for this payment are those who retired between October 2023 and January 2024, provided they have been properly verified and enrolled in the pension scheme. The funds also cover the acquired rights of deceased employees. These payments have already been credited to the respective retirement savings accounts of the retirees through the Pension Fund Administrators (PFA).
With this latest release, the total amount disbursed for accrued pension rights in 2024 now stands at N66 billion. Retirees are advised to contact their PFA to complete the necessary documents required to access their retirement benefits. PenCom also asked PFAs to expedite the payment process for all verified retirees.
In December, the Federal Government released N44 billion for the payment of pension rights accrued by retirees between March and September 2023, including some deceased retirees.
However, the Center for Pension Rights Advocacy has criticized the selective payment of accrued entitlements, accusing the government of adopting a “benevolent employer” stance rather than fulfilling its legal obligations to pensioners.
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