₦airaland Forum

gbagyiza:
You are wrong, the statement said annual emolument not basic salary. Check the meaning of emuloment.

No sir.

For instance, you are entitled to transport allowance as a worker. This allowance is for your transportation to office, but the moment you disengage, you are no longer entitled to it because you no longer go to office. Any of your personal movement is entirely your business. Same applies to other allowances such as rent, clothing, hazard etc.

Check the civil service financial handbook for clearer understanding.

Emolument is what you are entitled to, not inclusive of unnecessary allowances.

saintopus:
There is something I really don't understand from this new system. So are they doing away completely with the Contributory Pension Scheme?
So since it's gratuity, it's like " dash". So if mu salary is N150,000.00 I will be going home with N3.6 million as gratuity.
That is not much money after working for 35 years.
If this amount is to be added to the PF then no wahala.

This is not affecting the CPS. It's an additional benefit to be enjoyed at retirement by Civil Servants

creativejagaban:
Try and be educated.

1. The gratuity is based on annual gross salary. So if your gross monthly salary is 150k, that means your annual will be 150k * 12 = 1.8 million. And so your gratuity will be 100% of that, which is: 1.8 million. So the gratuity is a reflection of your annual gross salary.

2. This gratuity is in addition to your contributory pension which is domicile with your pfc/pfa anyways.

@CityBoyMovement
#CityBoyMovement

Tinubu till 2031.

Gross Basic Salary. One who earns a GrossSalary of 150k naira has a basic of 75k. His annual net remuneration is 900k naira.

Richtaiwo:
No sir.

For instance, you are entitled to transport allowance as a worker. This allowance is for your transportation to office, but the moment you disengage, you are no longer entitled to it because you no longer go to office. Any of your personal movement is entirely your business. The same applies to other allowances such as rent, clothing, hazard etc.

Check the civil service financial handbook for clearer understanding.

Emolument is what you are entitled to, not inclusive of unnecessary allowances.

Civil servants' salaries are consolidated, and there is no separate allowance for transport or housing. Nothing like Basic Salary with Civil Servants' salaries

saintopus:
There is something I really don't understand from this new system. So are they doing away completely with the Contributory Pension Scheme?
So since it's gratuity, it's like " dash". So if mu salary is N150,000.00 I will be going home with N3.6 million as gratuity.
That is not much money after working for 35 years.
If this amount is to added to the PF then no wahala.

Gratuity is your severance package on leaving the service.

It doesn't have anything to do with your Contribution with your PFA.

It's Obasanjo that distorted the service and made the lives of civil servants miserable.

I'm happy that every nonsense he did to worsen the lives of civil servants have been reversed including annual leave.

saintopus:
There is something I really don't understand from this new system. So are they doing away completely with the Contributory Pension Scheme?
So since it's gratuity, it's like " dash". So if mu salary is N150,000.00 I will be going home with N3.6 million as gratuity.
That is not much money after working for 35 years.
If this amount is to added to the PF then no wahala.

It will be added to it.

I don't know if it has been recently reviewed. But I guess it's 25% lump sum of the Retirement Savings Account after attaining the golden age of 50 or 4 months after one is out of job.

Xammie001:
Your pension is different from Gratuity
When they retire, they get Gratuity and after that they get 50% of there pension immediately after retiring and done with documentation and they get the remaining 50% of their pension monthly till it's exhuasted

Femy4:
Civil servants' salaries are consolidated, and there is no separate allowance for transport or housing. Nothing like Basic Salary with Civil Servants' salaries

Consolidated salary is for workers, not for retirees. The moment you are disengaged, some of those financial matters cease to apply.

For instance, consolidated salaries are named for various professions such as coness, conuas, conpas etc. Ever heard of retirees whose pensions are categorised under any of the above?

Such consolidations are for special allowances those professionals are logically entitled to. A doctor is entitled to call duty, but the moment he retires, that allowance ceases because is no longer necessary.

Note, all fed govt workers on same grade level and steps earn exactly same basic and this is the situation after retirement.

Another futile promise which will never be fulfilled. Liars.

LagosOrigin:
What if the person retires on his or her own, are they still entitled to this benefit?

If you're up to 10 years in service, yes

No, you are wrong, if your Salary is 150,000, you will be going home with 1.6 Million.

saintopus:
There is something I really don't understand from this new system. So are they doing away completely with the Contributory Pension Scheme?
So since it's gratuity, it's like " dash". So if mu salary is N150,000.00 I will be going home with N3.6 million as gratuity.
That is not much money after working for 35 years.
If this amount is to added to the PF then no wahala.

Ameboperoo:
If you're up to 10 years in service, yes

Resign I mean

LagosOrigin:
Resign I mean

If you're up to 10 years you can retire voluntarily but if you resign, nothing for you

Annual Emolument is not only basic, it is basic with monthly allowance. What you collect monthly (not just the basic) multiplied by 12. So, if at retirement you rose to a level where you were collecting N1M per month, you with get N12M. This doesn't affect your pension. I will be good if the state government too can do this.

LagosOrigin:
What if the person retires on his or her own, are they still entitled to this benefit?

So far the person has spent up to 10 years in service, the person is entitled to it

iwaeda:
Reason Oyedele increase our taxes.

Olodo, gratuity and pension are not taxed....

They will go through hell to get the money—if at all they are lucky to get it.

Richlolly:
Another futile promise which will never be fulfilled. Liars.

That's it.

ibechris:
Old gratuity used to be 300% while the 100%?. Money that can't buy land to even build a Retirement home.

The old gratuity was stopped total after the implementation of the contributory pension. You can read that it was last paid 22 years ago. So 100% of annual total emoluments is a big step up was zero gratuity in the last 21years

ABMC:
I don't know if it has been recently reviewed. But I guess it's 25% lump sum of the Retirement Savings Account after attaining the golden age of 50 or 4 months after one is out of job.

That is not gratuity, but withdrawal from your RSA. You can decide to to make the withdrawal, but as for the gratuity it is coming completely from the government purse. The lump sum withdrawal was introduced, as gratuity was stopped with the starts of contributory pension 22 years ago.

Those that retired base on contributory pension in the last 21 years didn't collect gratuity. That is why the Military (Nigerian Army) withdrawal from the contributory pension scheme

Richtaiwo:
God bless president Bola Ahmed Tinubu, GCFR

You have really shown a great commitment to the welfare of fed civil servants.

I understand one messiah never gave a rat arss about his retired state civil servants and indeed, even serving health workers were on strike for over 13 months while he was a governor.

Yet he is jumping from one IDP camp to another busy lying to them that he is their messiah.

Keep quiet.

Do you know what's being discussed here. You think it's about politics and loyalty?

Don't dabble on what you don't know.

You are very ignorant of what's being discussed here.

amazonguru001:
Gratuity is paid in cash into your account.
That is your take home cash in account/hand.

It is different from Pension.
Pension is a contributory scheme.
The employee pays a given % of his salary, the employer does same.
This is managed by a PFA.
As you exit the system, it is worked out in such a way that you will keep getting a monthly stipend monthly till the person leaves the earth or till the fund in your pension account is depleted to zero whichever one comes first.
It comes in at the end of the month, just the same way you get your salary.

Let's assume at the point of exit at age 60, a worker has N10,000,000 balance in his pension account.
The PFA can do the calculation in such a way that he keeps earning monthly till he clocks 80. I.e for the next 20 years.
That means he has 240 months to be drawing from the pension account.
Hence he keeps taking N41,600 monthly.

Hope this helps.

Very insightful.

Thanks 👍 for the explanations.

Salute 👏

Una go still owe them

saintopus:
There is something I really don't understand from this new system. So are they doing away completely with the Contributory Pension Scheme?
So since it's gratuity, it's like " dash". So if mu salary is N150,000.00 I will be going home with N3.6 million as gratuity.
That is not much money after working for 35 years.
If this amount is to added to the PF then no wahala.

Gratuity is a one time lump sum. Pension is what you collect monthly.

If I'm not mistaken, this Gratuity increase does not have anything to do with your contributory pension scheme.

donmik:
People who don't understand might think Tinubu is treating us well

Collect trillion to give out ten

A blind mind can never gives you a real visions . Blind mind blind your eyes 👀

Kewekubosineh:
Very insightful.

Thanks 👍 for the explanations.

Salute 👏

Always my pleasure baba.

Cheers.

amazonguru001:
Always my pleasure baba.

Cheers.

Thanks a million.

Thanks for your insightful contributions. I'm better informed now. But please, I wanna get this straight. On attaining the golden age of 50, how many percent lump sum can one apply for from his RSA?

Some PFA sighted 25% while other Pension Acts outlets quoted 50% lump sum. Please what's the latest update concerning this?

Housing:
That is not gratuity, but withdrawal from your RSA. You can decide to to make the withdrawal, but as for the gratuity it is coming completely from the government purse. The lump sum withdrawal was introduced, as gratuity was stopped with the starts of contributory pension 22 years ago.

Those that retired base on contributory pension in the last 21 years didn't collect gratuity. That is why the Military (Nigerian Army) withdrawal from the contributory pension scheme

7

ABMC:
Thanks for your insightful contributions. I'm better informed now. But please, I wanna get this straight. On attaining the golden age of 50, how many percent lump sum can one apply for from his RSA?

Some PFA sighted 25% while other Pension Acts outlets quoted 50% lump sum. Please what's the latest update concerning this?

You are qualified for the 50% lump sum withdrawal because 50 years is the minimum retirement age under the Contributory pension scheme. But most PFA will try to frustrate from doing that. A retiree had sue ARM pension for him to access 50% lump sum withdrawal from his RSA having attained 60 years of age. ARM Pension met him court and refused to release the 50% lump sum withdrawal until after the court decided in the retiree's favour.

But you can make 25% lump sum withdrawal if you are out of employment for a period three months or more even without attaining 50 years or 60 years