The National Pension Commission (PenCom) has stated that the federal government has granted approval for the release of N16.67 billion as payment of accrued pension rights to 2021 retired employees.
The retiring workers will be from treasury-funded ministries, departments and agencies (MDAs).
PenCom disclosed this in a recent statement.
The statement added that the federal government had previously offset all outstanding accrued pension rights payments to the verified and enrolled retirees up to December 2020.
PenCom had stated in June that President Muhammadu Buhari gave approval for the payment of unpaid pension liabilities to retirees of federal government treasury-funded ministries, departments, and agencies (MDAs).
The commission had said that the federal government is willing to comply with the reviewed rate of pension contributions.
“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),” the statement reads.
“The Federal Government had earlier settled all arrears of accrued pension rights payments to the verified and enrolled retirees up to December 2020.”
In 2020, the PenCom launched a digital pre-retirement verification/enrolment exercise for employees of federal government treasury-funded MDAs set for retirement from service between January till December.
The enrolment process will close on December 31, 2021.