The National Pension Commission (PenCom) is set to clear all the outstanding pension of Federal Government retirees worth N100 billion.
PenCom in a statement on Wednesday said it had received President Muhammadu Buhari approval to settle all outstanding pension.
The commission informed all its stakeholders, particularly retirees of treasury-funded Federal Ministries, Departments and Agencies, that the Buhari, had approved PenCom’s submission on the payment of some critical aspects of the outstanding pension liabilities of the Federal Government under the Contributory Pension Scheme.
It was gathered that the Federal Government workers who retired over a year ago have not received their pension, in contravention of the Pension Reform Act (PRA) 2014.
The statement read in part, “Specifically, the President has approved payment of outstanding accrued pension rights for verified and enrolled retirees of treasury-funded MDAs that retired but are yet to be paid their retirement benefits, as well as the back log of death benefits claims due to beneficiaries of deceased employees of treasury funded MDAs.
READ ALSO: IPOB: Nnamdi Kanu Was Arrested In Kenya, Brother Reveals
“The settlement will include the payment of 2.5 per cent differential in the rate of employer pension contribution for Federal Government retirees and employees which resulted from the increase in the minimum pension contribution for employers from 7.5 per cent to 10 per cent in line with Section 4(1) of the PRA 2014.”
The commission added that the payments for retirees and other employees was expected to take effect from July 2014.
With the new development, PenCom promised that all retirees would get their pension payments one month after retirement as mandated by PRA 2014.
