The federal government has approved the release of N16.67 billion for the payment of accrued pension rights to 2021 retired workers, according to the National Pension Commission (PenCom).
Workers from Treasury-funded ministries, departments, and agencies will retire (MDAs).
The federal government had previously settled all arrears of accrued pension rights payments to verified and enrolled retirees up to December 2020, according to the statement.
President Muhammadu Buhari had approved the payment of overdue pension liabilities to retirees of federal government treasury-funded ministries, departments, and agencies, according to the PenCom report from June (MDAs).
The federal government has stated that it is willing to comply with the revised rate of pension contributions, according to the commission.
“The National Pension Commission (PenCom) is pleased to announce the release of N16.67 billion by the Federal Government for the payment of Accrued Pension Rights to 2021 retirees of Treasury-funded Ministries, Departments and Agencies (MDAs),” the statement reads.
“The Federal Government had earlier settled all arrears of accrued pension rights payments to the verified and enrolled retirees up to December 2020.”
Last year, the commission introduced a digital pre-retirement verification/enrolment exercise for employees of federal government treasury-funded MDAs due to retire from service between January till December
The enrolment process is due for expiration on December 31, 2021.
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