FG Retirees Under Contributory Pension Scheme to Receive N32,000 Monthly\u00a0 increase<\/p>\n
Zainab Tanimu<\/p>\n
The Federal Government has approved<\/p>\n
N32,000 monthly pension increase for retirees of the federal government under the Contributory Pension Scheme. (CPS)<\/p>\n
The\u00a0 N32,000\u00a0 is the baseline every retiree in the education and health sectors, as well as security and the Armed Forces on the CPS will earn monthly, irrespective of his or her accumulated savings.<\/p>\n
The sum will be paid to each of them from a N758 billion bond approved by President Bola Ahmed Tinubu for clearing all outstanding pension liabilities.<\/p>\n
President Tinubu okayed the bond to ensure that the retirees also benefited from the\u00a0 National\u00a0 Minimum Wage Amendment Act 2024 and Consequential Adjustments.<\/p>\n
President Tinubu had on\u00a0 August 6,\u00a0 directed the \u201cprompt implementation of long-overdue pension increases and a minimum pension guarantee, which would provide a safety net for the most vulnerable pensioners under the CPS.\u201d<\/p>\n
An official of the National Pension Commission (PenCom) confirmed that \u2018\u2019with the National Assembly\u2019s\u00a0 recent concurrence with the President\u2019s directive, the bond proceeds will soon be available to settle the retirees.\u201d<\/p>\n
Another official of the commission, who shed more light on the initiative, said: \u201cThe pension increase for CPS retirees and the minimum pension guarantee means setting a baseline amount that every retiree under the Contributory Pension Scheme would receive, no matter how small their accumulated savings are.<\/p>\n
\u2018\u2019This acts as a financial safety net to protect the poorest and most vulnerable retirees from falling into poverty.\u201d<\/p>\n
PenCom\u2019s Director-General, Omolola Oloworaran, had earlier explained how the N758 billion bond for pension payments would be allocated across three critical categories.<\/p>\n
She said: \u201cN253 billion of the bonds will be dedicated to clearing accrued rights. These are entitlements due to federal workers employed before the CPS commenced in 2004, and those who had about three years to retirement at the time.<\/p>\n
\u2018\u2019This intervention clears the backlog of accrued rights payments and will put an end to the delays in pension disbursements that have caused frustration in recent months.\u201d<\/p>\n
On longstanding arrears, Oloworaran explained that, \u201cN387.5 billion will be committed to pension increases dating back to 2007. That is almost two decades of increments left unpaid. This administration has decided to take the matter seriously and settle all outstanding pension increases from 2007 till date.\u201d<\/p>\n
She added that N107 billion has been earmarked for the Pension Protection Fund, which is designed to support low-income retirees.<\/p>\n
She said:\u00a0 \u201cThis fund is meant to augment pensions for low-income earners to enable them to earn a living wage.<\/p>\n
\u201cWe are working with relevant agencies to conclude the bond issuance quickly. Once that is done, Pension Fund Administrators (PFAs) will credit retirees\u2019 savings accounts, and retirees will be able to claim their entitlements without delay. PFAs have committed to prompt payments once funds are available, while PenCom will provide oversight to ensure beneficiaries are paid immediately.\u201d<\/p>\n
FG Retirees Under Contributory Pension Scheme to Receive N32,000 Monthly\u00a0 increase Zainab Tanimu The Federal Government has approved N32,000 monthly pension increase for retirees of the federal government under the Contributory Pension Scheme. (CPS) The\u00a0 N32,000\u00a0 is the baseline every retiree in the education and health sectors, as well as security and the Armed Forces […]<\/p>\n","protected":false},"author":2,"featured_media":1456,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-1454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsreservoir.com\/lifestyle\/wp-json\/wp\/v2\/posts\/1454","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsreservoir.com\/lifestyle\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsreservoir.com\/lifestyle\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsreservoir.com\/lifestyle\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/newsreservoir.com\/lifestyle\/wp-json\/wp\/v2\/comments?post=1454"}],"version-history":[{"count":1,"href":"https:\/\/newsreservoir.com\/lifestyle\/wp-json\/wp\/v2\/posts\/1454\/revisions"}],"predecessor-version":[{"id":1457,"href":"https:\/\/newsreservoir.com\/lifestyle\/wp-json\/wp\/v2\/posts\/1454\/revisions\/1457"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsreservoir.com\/lifestyle\/wp-json\/wp\/v2\/media\/1456"}],"wp:attachment":[{"href":"https:\/\/newsreservoir.com\/lifestyle\/wp-json\/wp\/v2\/media?parent=1454"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsreservoir.com\/lifestyle\/wp-json\/wp\/v2\/categories?post=1454"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsreservoir.com\/lifestyle\/wp-json\/wp\/v2\/tags?post=1454"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}