The Nationwide Pension Fee (PenCom) says it has totally accomplished pension funds for all retirees who exited service in November, reaffirming that the period of delayed entitlements for staff in treasury-funded Ministries, Departments and Businesses (MDAs) has come to an finish.
Head of Company Communications at PenCom, Mr. Ibrahim Buwai, confirmed the event to the Information Company of Nigeria (NAN) in Abuja on Sunday.
He stated the Fee’s reforms and strengthened remittance processes have resulted in constant, on-time funds of accrued pension rights.
“As at at the moment, funds for November retirees have been accomplished,” Buwai acknowledged. “The accrued rights of these retiring in December might be paid earlier than the fifteenth as earlier introduced, to allow them obtain their advantages forward of the festive season.”
Reforms, bond proceeds drive clearance of backlogs
Buwai attributed the improved effectivity to ongoing reforms within the pension administration framework and the Federal Authorities’s latest launch of N758 billion in bond proceeds to clear long-standing pension liabilities, together with arrears of pension will increase relationship again to 2007.
He stated this progress demonstrates PenCom’s dedication to making sure that no retiree underneath the Contributory Pension Scheme (CPS) suffers hardship as a result of delayed advantages.
“With these measures in place, delays in pension funds for treasury-funded MDA retirees will now not be a problem,” he emphasised. “PenCom stays devoted to strengthening the pension system and safeguarding the welfare of retirees nationwide.”
Crackdown on non-remitting employers intensifies
Buwai additionally disclosed that PenCom is intensifying efforts to curb the persistent problem of employers failing to remit staff’ pension contributions to their Pension Fund Directors (PFAs).
He famous that PenCom’s Director-Normal, Ms. Omolola Oloworaran, just lately signed a Memorandum of Understanding (MoU) with the Impartial Corrupt Practices and Different Associated Offences Fee (ICPC) to get well un-remitted contributions and implement strict compliance.
The MoU grants ICPC the ability to get well excellent pension funds and guarantee they’re promptly credited into staff’ Retirement Financial savings Accounts (RSAs), whereas holding defaulting employers accountable underneath the regulation.
“Defaulters could be penalised in accordance with the regulation,” Buwai stated.
What you must know
- Final month, PenCom says greater than 552,000 retirees in Nigeria are actually receiving common month-to-month pensions underneath the Contributory Pension Scheme (CPS).
- The Fee additionally disclosed that complete pension property have surpassed N25 trillion, marking a milestone in Nigeria’s pension administration and its contribution to nationwide growth.
- The Director-Normal of PenCom, Ms. Omolola Oloworaran, made this identified in Yola throughout a two-day sensitisation workshop on the workings of the CPS for workers and pensioners within the North-East.