{"id":239735,"date":"2023-01-06T09:58:41","date_gmt":"2023-01-06T08:58:41","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=239735"},"modified":"2023-01-06T09:58:41","modified_gmt":"2023-01-06T08:58:41","slug":"fg-released-n13-89bn-pension-for-2022-retirees-pencom","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2023\/01\/06\/fg-released-n13-89bn-pension-for-2022-retirees-pencom\/","title":{"rendered":"FG released N13.89bn pension for 2022 retirees \u2013 PenCom"},"content":{"rendered":"

The National Pension Commission on Thursday said that the federal government released N13.89 billion for the payment of the pension of retired workers in the country.<\/p>\n

The payment is for the accrued pension rights (ACR) of retirees of treasury-funded ministries, departments and agencies (MDA\u2019s) in 2022, the commission said.<\/p>\n

In a statement signed by the management, PenCom<\/a> said the payment will cover for employee\u2019s benefits up to June 2004, when the Contributory Pension Scheme (CPS) came into effect.<\/p>\n

The CPS was established under the Pension Reform Act of 2004, which was repealed and replaced with the Pension Reform Act in 2014.<\/p>\n

It mandates a minimum contribution of 10 and eight per cent of employees\u2019 monthly emolument by the employer and employee respectively, and it is paid into the employee\u2019s Retirement Savings Account (RSA).<\/p>\n

\u201cAccordingly, 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\u201d the statement highlighted.<\/p>\n

PenCom commended the efforts of President Muhammadu Buhari for his \u2018support and commitment\u2019 to the implementation of the CPS and ensuring the welfare of retirees.<\/p>\n","protected":false},"excerpt":{"rendered":"

The National Pension Commission on Thursday said that the federal government released N13.89 billion for the payment of the pension of retired workers in the country. The payment is for the accrued pension rights (ACR) of retirees of treasury-funded ministries, departments and agencies (MDA\u2019s) in 2022, the commission said. In a statement signed by the 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