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- Nigeria's pension committee has precocious implemented respective reforms to amended the transparency and ratio of the system
- In a determination to guarantee that pensioners get fiscal information successful their retirement, the committee has importantly accrued monthly payouts
- The summation takes the full monthly payouts from N8.3 cardinal to N11.9 billion, with implicit 200,000 retirees to benefit
Ruth Okwumbu-Imafidon, a Legit.ng journalist, has implicit a decennary of acquisition successful business reporting crossed integer and mainstream media.
Over 233,000 Nigerian retirees connected the Programmed Withdrawal Plan are acceptable to payment arsenic the National Pension Commission has boosted the monthly payouts.
The Director-General of the National Pension Commission, Ms Omolara Oloworaran, revealed that the payouts accrued by 43.37% from N8.3 cardinal to N11.9 billion.
Speaking astatine the Commission’s Q2 property briefing successful Lagos, Oloworaran noted that the accrued payout was made imaginable due to the fact that of the beardown concern returns connected the Retirement Savings Accounts.
Source: Getty Images
She disclosed that June 1, 2025, is the effectual day to commence the payment. Her words:
“This uplift is driven by beardown concern returns connected status savings accounts made imaginable by the ongoing economical reforms of President Bola Ahmed Tinubu.“This milestone builds connected the President’s caller support of N758 cardinal to wide longstanding pension liabilities, a bold and unprecedented determination that reflects his wide committedness to restoring dignity and fiscal information to Nigerian retirees.”PenCom promises regular payout reviews
Oloworaran stated that aft reassessing the pension money performance, PenCom decided to boost pensions and follow a caller Modified Standard Pension Enhancement Template.
PenCom has besides granted Pension Fund Administrators afloat authorization to process and o.k. status benefits.
This effort ensures that pension benefits nether the Contributory Pension Scheme (CPS) supply retirees with fiscal security.
She added that determination would beryllium periodic pension reviews and increments to let much retirees to payment from the scheme.
Legit.ng earlier reported that the Pension Fund Administrators were investing successful much of the national authorities securities to reap the charismatic yields offered.
PenCom Improves Payment of Accrued Pensions
The PenCom brag besides announced that retirees of treasury-funded ministries, departments, and agencies are present getting improved payments of accrued pension rights, arsenic the national authorities has been accordant successful releasing the funds to settee them.
Oloworaran noted that the hold clip has drastically reduced, with retirees who exited the work up to March 2025 present receiving payments — compared to the past, erstwhile arrears stretched up to 21 months.
Source: Getty Images
She said:
“Since November 2024, the process has been remarkably stable, with the timely and accordant merchandise of funds by the Federal Government. We are connected the verge of eliminating arrears successful the outgo of accrued rights, which would beryllium a important milestone indeed.”Pensioners endanger to protestation implicit N193 cardinal debt
In related news, Nigerian pensioners reportedly scheduled a one-day rally successful Abuja to protestation the withholding of their funds.
Legit.ng reported that the pensioners were being owed a total sum of N193 cardinal by some the national authorities and 4 authorities governments.
It was learnt that respective states similar Benue, Kaduna, Kano, Nasarawa, and Zamfara are making large moves to wide the backlogs.
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Source: Legit.ng
