The Federal Government has released another N31.97bn for the payment of accrued pension rights to 2021 retirees of Treasury-funded Ministries, Departments and Agencies.
PenCom, in a statement on Thursday titled ‘Federal government releases funds for payment of accrued pension rights under the Contributory Pension Scheme’, said this followed a recent release of N16.67bn in December.
It said, “The National Pension Commission is pleased to announce an additional release of N31.97bn by the Federal Government for the payment of accrued pension rights to 2021 retirees of Treasury-funded Ministries, Departments and Agencies.
“This follows an earlier release of the sum of N16.67bn, thus bringing the total amount released for payment of the 2021 accrued pension rights to N48.64bn. The Federal Government had earlier settled all arrears of accrued pension rights payments to the verified and enrolled retirees up to December 2020.”
The accrued pension rights represent an employee’s benefits for the past years of service up to June 2004 when the Pension Reform Act that birthed the Contributory Pension Scheme came into effect, according to PenCom.
During a visit by the Senate Committee on Establishment & Public Services to PenCom in 2021, the pension regulator highlighted some of the major challenges of the commission and sought for the support of the lawmakers.