CPS: Retirees’ monthly pension payments rise 22% under Tinubu – PenCom

Nigeria’s National Pension Commission (PenCom) has said monthly pension payments to retirees nether the Contributory Pension Scheme (CPS) accrued by 22 per cent to N14.83 billion.

The Director-General of PenCom, Omolola Oloworaran, disclosed this connected Tuesday during a briefing successful Abuja.

She said that nether President Bola Ahmed Tinubu’s administration, monthly pension payments to retirees who had worked for the state accrued by N2.68 billion, representing a 22 per cent emergence from N12.15 cardinal to N14.83 billion.

According to her, reforms introduced successful the pension assemblage implicit the past 2 years person considerably reduced the challenges facing the industry, peculiarly those affecting mean Nigerians.

She cited the summation successful monthly pension payments to pensioners nether the Nigeria Social Insurance Trust Fund (NSITF) by 1,173 per cent, from N18,000 to N206,000, aft 21 years.

“For the archetypal time, retirees crossed the Contributory Pension Scheme person received a pension summation crossed the board. Pension Boost 1.0 raised the monthly pensions of much than 241,000 retirees. Total monthly pension payments roseate from N12.15 cardinal to N14.83 billion.

“Combined m...