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FG Releases N16.67 Billion For Pension Payment - Business - Nairaland

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FG Releases N16.67 Billion For Pension Payment by Bolanlefadipe(f): 11:38am On Dec 30, 2021
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Thursday, December 30 2021|

FG Releases N16.67 Billion for Pension Payment
By Andrew Agbokhaode on December 30 2021

In a statement on Wednesday 29th December, 2021, the National Pension Commission revealed that the Federal Government had released N16.67 billion for the payment of Accrued Pension Rights.
“The National Pension Commission (PenCom) is pleased to announce the release of N16.67 billion by the Federal Government for the payment of Accrued Pension Rights to 2021 retirees of treasury-funded Ministries, Departments and Agencies, MDAs.” PenCom stated.

PenCom also stated that the Federal Government had previously settled all the arrears of accrued pension rights payments, to retirees who had enrolled and were verified up to the month of December, 2020.
About 190,158 retirees of MDAs were paid N884.58 billion last month, with regards to their accrued pension rights from when the Contributory Pension Scheme (CPS) began till the 31st of December, 2020.
Data from the yearly report of the Commission for the year 2020, showed that the Federal Government had released N65,909,343,247.5 into the RBBRF (Retirement Benefits Bond Redemption Fund) account, in the interest of the paying retirees of MDAs their accrued pension rights.
“As a result of this, the Commission approved the release/remittance of the entire amount to the RSAs of 11,385 retirees and deceased employees of treasury-funded MDAs.” The report stated.
PenCom stated that the government also released N11.82 billion for the accrued pension rights of retirees who are under its MDAs to be paid in January.
The Commission notified its stakeholders in July, especially the retirees of treasury-funded MDAs, that the president had verified the submission on paying some critical aspects of outstanding pension liabilities of the Federal Government with regards to the Contributory Pension Scheme.

PenCom indicated that challenges in these aspects which have existed since 2014 have been resolved, due to the settlement of outstanding accrued pension rights of FGN retirees who have been enrolled and verified.
The Commission had stated on July 26, that with regards to the payment of the differential of 2.5 per cent in the employer pension rate contribution for employees and retirees of the Federal Civil Service, N5 billion would be dispensed on July 27, the following day.
The employer’s minimum pension contribution was increased to 10 per cent from 7.5 percent, in accordance with the PRA, the Pension Reform Act Section 4 (1), 2014.
The Federal Government has however continued remitting 7.5 per cent for the employees, as they failed to implement this change all along.
The Commission revealed that payment would be from 2019 up to the month of December 2020. The body also indicated that the backlog would eventually be cleared at an unspecified date.
“The federal government released about N5 billion for the payment of the 2.5 per cent differential which will be paid into the Retirement Savings Account, RSA, of employees.
“The money will also get to respective retirees. Some may likely get additional lump sum, some might likely get advanced monthly withdrawal pension, active employees will get the 2.5 per cent. This is only for treasury funded employees and retirees.” Said Mr. Saleem AbdulRahman, Head of Contribution and Bond Redemption Department of PenCom.

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Re: FG Releases N16.67 Billion For Pension Payment by tahir01(m): 11:41am On Dec 30, 2021
Okay o

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