THE FEDERAL GOVERNMENT HAS RELEASED A N13.89 BILLION PENSION FOR RETIREES IN 2022 – PENCOM

According to the National Pension Commission, the federal government released N13.89 billion on Thursday for the payment of pensions to retired workers in the country.

According to the commission, the payment is for the accrued pension rights (ACR) of retirees from treasury-funded ministries, departments, and agencies (MDAs) in 2022.

PenCom stated in a statement signed by management that the payment will cover employee benefits up to June 2004, when the Contributory Pension Scheme (CPS) went into effect.

The CPS was established by the Pension Reform Act of 2004, which was repealed in 2014 and replaced by the Pension Reform Act.

It requires employers and employees to contribute a minimum of 10% and 8% of their monthly wages, respectively, to the employee’s Retirement Savings Account (RSA).

“As a result, PenCom is processing remittances into the affected retirees’ various retirement savings accounts, and their pension fund administrators will notify them in due course,” the statement said.

PenCom praised President Muhammadu Buhari’s “support and commitment” to implementing the CPS and ensuring the welfare of retirees.