FG releases N13.89bn for payment of CPS retirees

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The Federal Government has released the sum of N13.89 billion for the payment of Accrued Pension Rights of 2022 retirees. This was announced by the Management of the National Pension Commission (PenCom) in a statement.

PenCom reels out that, all its stakeholders, particularly retirees of Treasury Funded Ministries, Departments and Agencies who retired in the year 2022 were captured.

Adding that “the Accrued Pension Rights represent an employee’s benefits for the past years of service up to June 2004, when the CPS came into effect.

“Accordingly, PenCom is processing remittances into the various Retirement Savings Accounts of the affected retirees, and their Pension Fund Administrators will notify them in due course.

“PenCom appreciates the efforts of His Excellency Mr. President for his untiring support and commitment to the implementation of the CPS and ensuring the welfare of retirees”.

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