• Friday, June 21, 2024
businessday logo

BusinessDay

FG releases N16.67b accrued pensions for 2021 retirees

Buhari presides over FEC, as Muhammad Shehu takes oath, as RAMFC chairman,

The National Pension Commission (PenCom) on Wednesday, announced 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).

The Pension Commission recalled that the government had earlier settled all arrears of accrued pension rights payments to the verified and enrolled retirees up to December 2020.

Read more Electoral Act: Buhari’s rejection based on costs, other considerations

The Federal government had earlier granted approvals for the payment of 2.5 percent differentials in rates for employees and retired federal government workers, raising contributions from 7.5 percent to 10 percent.

President Buhari approved payments of retirees’ pensions, especially those whose pension had been outstanding.

He also approved their retirement benefits, including the backlog of death benefits claims due to beneficiaries of deceased employees of treasury-funded federal government parastatals and agencies.