The Federal Government has released the sum of N13.89 billion for the payment of accrued pension rights for employees of Ministries, Departments, and Agencies MDAs) who retired in 2022.
In a statement issued on Thursday, the National Pension Commission (PenCom) explained that the accrued pension rights represent an employee’s benefits for the past years of service up to June 2004, when the Contributory Pension Scheme (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,” a part of the statement read.
The commission thanked President Muhammadu Buhari for his support and commitment to the implementation of the CPS.Director-General of PenCom, Aisha Dahir-Umar, had last year, said the federal government was yet to pay only six months of pending accrued rights of retirees under the Defined Benefit Scheme (DBS).
According to her, the government was paying N49 billion monthly in accrued rights in the last 17 years, and was on the verge of paying off the balance of accrued rights through the Debt Management Office (DMO).
