1. FG releases N14. 92 billion for accrued right Contributory Pension Scheme The Federal Government says it has release N14.92 billion for the payment of accrued rights for retirees under the Contributory Pension Scheme. The National Pension Commission Head of Corporate Communication, Mr Peter Aghahowa, made this known in a statement in Abuja on Today. The amount according to the statement will cover four months arrears. He said that the accrued pension rights represents an employee’s benefits for the
Following the recent agitation by Retired Police Officers on the subject of Pension payment, a bill to amend the Pension Reform Act 2014, and exempt the Nigeria Police Force from the Contributory Pension Scheme (CPC) has passed second reading. The Bill was sponsored by Mr. Francis Waive, and was read for the second time on the floor of the House of Representatives on Tuesday, in Abuja.
1. Don’t allow governors borrow N17trn from Pension funds, SERAP tells Buhari Socio - Economic Rights and Accountability Project has urged the President , Major General Muhammadu Buhari ( retd.) to instruct the Director -General and Board of the National Pension Commission to use their statutory powers to stop the 36 state governors from borrowing or withdrawing N 17 trillion from the pension funds purportedly for ‘ infrastructural development .” The organisation said this in a letter dated December 6
Employees of Ondo state civil service are heaving a sigh of relief following the state governments adoption of a 10% contributory pension scheme under the new Pension Reform Act. In 2014, the federal government of Nigeria repealed the Pension Reform Act of 2004 and introduced a new Pension Reform Act to govern and regulate the administration of the contributory pension scheme for both the public and private sectors in the country. Part of the aim was also to address some shortcomings in the repealed Act that
It has been seven years since the Federal Government modified the Pension Reform Act, which mandated that companies must transfer 18 percent of employees' monthly emoluments into their retirement savings accounts (RSAs), and the government has yet to comply with its own legislation. In accordance with the Pension Reform Act, which was passed in 2004, both employees and employers were required to contribute 7.5 percent of their monthly wages to the workers' RSAs, which were administered by their respective Pension Fund Administrators.
The Federal government of Nigeria has released a sum of N614,92 billion to the National Pension Commission (PenCom) for the payment of outstanding pension of Nigerian pensioners who are under the Contributory Pension Scheme (CPS). This was made known by the National Pension Commission (PenCom) via its official twitter handle on Monday, 24th August, 2020. The accrued pension rights to be cleared are those whose retirement came after June 2014; the time when the Pension Reform Act (PRA) was signed into law. The
The Federal Government of Nigeria has released N14.92 billion for the payment of accrued rights for retirees under the Contributory Pension Scheme (CPS). A statement was released on Monday by the National Pension Commission (PenCom) that revealed that the amount released would be capsized to cover four months arrears of accrued rights for the Federal Government retirees. The Accrued Pension Rights an employee's benefit for the years of service up to June 2004, when Pension Reform Act came into existence which
The national government has delivered the total of N14.92 billion for the installment of accumulated rights for retirees under the Contributory Pension Scheme(CPS). As per an announcement gave yesterday by the National Pensions Commission (PenCom), the dispensing will counterbalance four months' unpaid debts. The collected annuity rights speak to a worker's advantages for as far back as long periods of administration up to June 2004, when the Pension Reform Act (PRA) that birthed the CPS, happened. The commission
The National Pension Commission (PenCom) said that the 2014 Pension Reform Act is to be reviewed. This was revealed by the commission in a statement on Thursday. It says that the review was triggered by the persistent outcry from individuals and interest groups for the amendment of the Act. It also says the attempt by the legislature in the last three years on the amendment of some sections of the PRA 2014 is also a contributing factor to the amendment. In 2004, the Contributory Pension Scheme (CPS) was implemented