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Nairaland Forum / Nairaland / General / Politics / CPS: Professors, Political Appointees To Earn Full Salaries As Pension (1228 Views)
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CPS: Professors, Political Appointees To Earn Full Salaries As Pension by Danladi7: 6:23am On Dec 04, 2017 |
The National Pension Commission has introduced guidelines that will enable some categories of retirees under the Contributory Pension Scheme to earn their last full salaries like their counterparts in the old Defined Benefits Pension Scheme , NIKE POPOOLA writes The National Pension Commission has set out modalities for the administration of retirement benefits of professors and public office holders to earn their last salaries as pension under the Contributory Pension Scheme . The details were contained in the guidelines for the administration of retirement benefits of professors and some categories of political appointees obtained by our correspondent. Under section two of the guidelines, professors , who are to be entitled to pensions at a rate equivalent to their annual salaries upon retirement , must be academic staff who retired as professors after serving continuously up to the retirement age of 70 years in a university recognised by the National Universities Commission ; or must have served a minimum of 20 years as a professor in a university recognised by the NUC and retired before attaining the age of 70 years. Political appointees covered by the guidelines are heads of civil service of the federation and permanent secretaries who are appointed by the President , for the Federal Government and Federal Capital Territory; and by the governors for state Ministries Departments and Agencies, and are subject to retirement upon attaining the prescribed retirement age or length of service . PenCom noted that prior to the enactment of the Pension Reform Act, 2004 , retiring heads of service of the federation and permanent secretaries were entitled to receive 100 per cent of their annual total emoluments as pension for life. It added that the Universities Miscellaneous Provisions ( Amendment ) Act, 2012 provided that retiring professors would be entitled to pension at the rate equivalent to their annual salaries for life. In recognition of the above provisions , Section 6 (2 ) of the PRA 2014 mandates PenCom to issue guidelines to regulate the administration of retirement benefits of professors covered under the UMPAA 2012 and the category of political appointees entitled by virtue of their terms and conditions of employment to retire with full benefits provided that any shortfall shall be funded from budgetary allocations by the employers . It added that the shortfall in the RSAs and the accrued rights of the eligible professors and political appointees would be funded from the Federal Government ’ s retirement benefit bond redemption fund account maintained by the Central Bank of Nigeria , which would be redeemed into their RSAs. In the case of the states that have joined the CPS , it stated that the accrued rights of professors and political appointees would be funded from the state governments ’ retirement benefit bond redemption fund, and that the employer or employee pension contributions should be deducted from the Consolidated Revenue Fund of the Federation or states and remitted to their RSAs. www.punchng.com/cps-professors-political-appointees-to-earn-full-salaries-as-pension/ |
Re: CPS: Professors, Political Appointees To Earn Full Salaries As Pension by Mekanus(m): 6:26am On Dec 04, 2017 |
Ok |
Re: CPS: Professors, Political Appointees To Earn Full Salaries As Pension by Basic123: 6:27am On Dec 04, 2017 |
But why? |
Re: CPS: Professors, Political Appointees To Earn Full Salaries As Pension by Nobody: 6:29am On Dec 04, 2017 |
Yes corruption would reduce .. Atiku effect 1 Like |
Re: CPS: Professors, Political Appointees To Earn Full Salaries As Pension by python1: 6:31am On Dec 04, 2017 |
Choi, Professors don hammer. With this condition, professor go want dey retire at very low age sef, then engage in other runs. Good one sha. |
Re: CPS: Professors, Political Appointees To Earn Full Salaries As Pension by Lordfranklin(m): 7:09am On Dec 04, 2017 |
This will only instigate early retirement! I wonder why this government can't make laws that would favour the Mr Nobody in the society! What has this got to do with the astronomical rise in the unemployment rate now? |
Re: CPS: Professors, Political Appointees To Earn Full Salaries As Pension by EternalTruths: 8:04am On Dec 04, 2017 |
python1: Did you read that stuff Either 20years of professorship or retire at the age of 70years. To me, such a dream is like enslavement. |
Re: CPS: Professors, Political Appointees To Earn Full Salaries As Pension by agwom(m): 8:06am On Dec 04, 2017 |
ok |
Re: CPS: Professors, Political Appointees To Earn Full Salaries As Pension by python1: 8:23am On Dec 04, 2017 |
EternalTruths:Actually, I didn't read it, lol. Na only the headline I read. |
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