Tag: PENSION

FG orders immediate rollout of free healthcare for low-income retirees

Aminu Imam
Tinubu orders

…Approves pension increase President Bola Ahmed Tinubu has ordered the immediate rollout of free healthcare for low-income retirees under the Contributory Pension Scheme (CPS), describing it as a vital component of social protection and dignity in retirement. He also directed the prompt implementation of long-overdue pension increases and a minimum pension guarantee, which would provide a safety net for the most vulnerable pensioners under the Scheme. According to a statement issued by the Special Adviser to the President on Information and Strategy Bayo Onanuga, yesterday, the President gave these directives…

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Pensioners to receive incremental benefits — PenCom

Aminu Imam
PenCom on pensioners

The National Pension Commission, (PenCom), has given a hint that it is working towards ensuring that public service retirees get pension increments as provided for in the nation’s Constitution. PenCom’s Acting Director-General,  Ms. Omolola Oloworararan, who gave this hint in Lagos, said  “We are working to ensure that pensioners under the CPS and other pension arrangements benefit from pension increments provided for in the1999 Constitution (as amended)”. The 1999 Constitution of the Federal Republic of Nigeria (as amended) guarantee pensioners’ rights to periodic reviews of their pensions ¹. Unfortunately, the…

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Zamfara Gov. settles N9bn in gratuities for over 6,500 retirees

Aminu Imam
Zamfara Governor on gratuities

Zamfara State Governor, Dauda Lawal, has paid N9 billion in gratuities owed to the State’s workers since 2011. The governor approved the commencement of the payment of the backlog of gratuities earlier in February. In a statement released in Gusau yesterday, the Governor’s spokesperson, Sulaiman Idris, revealed that the Government had paid N4.9bn to retired workers across nine batches. He added that another sum of N4.5bn had been paid to local government council workers. The statement read in part, “In his commitment to reform the Zamfara State Civil Service, in…

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Nigeria’s Pension Scheme is a ‘modern slavery’ trap leading to poverty”- Retirees lament

Aminu Imam
Retirees lament

…Urge FG’s ‘immediate intervention” Retired Federal Directors, under the Contributory Pension Scheme (CPS) have criticised the scheme, describing it as a “modern slavery tool” that traps retirees in poverty. In an issued statement yesterday, signed by Lawrence Ojabo, the association’s media and advocacy representative, the retirees urged the Federal Government to abolish the CPS. They argued that the scheme, which forces retirees into annuity plans or programmed withdrawals managed by Pension Fund Administrators (PFAs) under PENCOM’s supervision, fails to provide adequate financial support. They cited cases where retirees received only…

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“Halt planned N20tr pension fund deployment for infrastructure”  – Atiku tells FG

Aminu Imam
Atiku 2 FG

The 2023 Presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, has called for an immediate halt to the Federal Government’s plan to deploy the N20 trillion Pension Fund for infrastructure development. Recall that Finance and Coordinating Minister of Economy, Wale Edun, had on Tuesday informed State House reporters, following a two-day Federal Executive Council (FEC) session chaired by President Bola Tinubu at the Presidential Villa, Abujs. Edun emphasised that this initiative is integral to Tinubu’s overarching efforts to stabilize the economy amidst elevated inflation and interest rates. He…

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Abia emerges first State to end pension for ex-governors, deputies

Aminu Imam

The Abia State House of Assembly has passed a Bill to revoke the Abia State Governors and Deputy Governors Pensions Law No. 4 of 2001. This legislation effectively ends pension payments to former governors and their deputies in the State. The Bill, sponsored by Majority Leader Uchenna Okoro, aims to reduce government spending and redirect resources towards development initiatives. Speaker Emmanuel Emeruwa expects the Bill to be signed into law soon, taking effect immediately. Abia becomes the first Nigerian state to abolish such pensions, which have been a source of…

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Military Pension Board: New board promise timely payment

Abdul-Azeez Ahmed Kadir
AVM Paul Irumheson takes over from Rear Adm. Sabiru Lawal, as Chairman, Military Pensions Board (MPB) in Abuja on Monday

The new Chairman, Military Pensions Board (MPB), AVM Paul Irumheson, on Monday took over command of the board with a promise to improve on the recent progress made by his predecessor. Irumheson took over from Rear Admiral Sabiru Lawal, whose tenure came to an end recently. He also promised to operate an opened-door policy, urging retirees and prisoners to always feel free to come forward with whatever concerns they might have. He pledged to consolidate on the successes made by the board and sustain timely payment of pension and gratuity…

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Minimum Wage: Buhari approves payment of Consequential Adjustment to pensioners

Aminu Imam

President Muhammadu Buhari has approved the payment of the consequential adjustment to pensioners under the Defined Benefit Scheme (DBS) in line with the minimum wage approved in 2019. The Executive Secretary, Pension Transitional Arrangement Directorate (PTAD), Dr Chioma Ejikeme, disclosed this at a news conference yesterday, in Abuja. She said that with the presidential approval, PTAD had been empowered to start the upward adjustment of all pensioners’ benefits according to the approved template. Ejikeme said that the adjustment of the new pension payment would start from May 2021, adding that…

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5.1m Pension contributors to undergo data recapture – PenCom

Aminu Imam

Ø  Recovers N553.03m from defaulting employers No fewer than 5.1 million pension fund contributors are set to undergo fresh data recapturing. This became necessary after findings showed that they submitted either incomplete or no data during the previous data recapturing exercise. In a data released by the pension industry’s regulatory body, the National Pension Commission (PenCom) at the weekend, 5.1 million Retirement Savings Account (RSA) holders had incomplete documentation as at Q4 2020. According to its report, findings show that, of the 9.27 million RSA holders, only 4.1 million pension…

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