FG to release N4bn for professors, permanent secretaries' pensions

FG to release N4bn for professors, permanent secretaries' pensions

- Federal government is set to release N4 billion to pay pension of professors and permanent secretaries

- According to report, PenCom had finished work on the guidelines to commence the payment as stipulated by the Pension Reform Act 2014

- The payment would begin once the money is released by the federal government of Nigeria

The Nigerian government has said it will release N4 billion to kick-start the full payment of salaries as minimum pension for some categories of retirees across Nigeria.

The money to be released would be used under the Contributory Pension Scheme mandated by the Pension Reform Act, 2014.

Punch reports that some of the retired professors and public office holders under the scheme who are not earning monthly pensions equivalent to their last salaries while in active service will soon start earning their last salaries as monthly pensions.

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It was also gathered that PenCom had finished work on the guidelines to commence the payment as stipulated by the Pension Reform Act 2014.

An official of PenCom who spoke under anonymity said: “We have done the budget and we are waiting for the government to release the money. We need just N4bn to pay them including their arrears.”

The official said the FG was already paying N4bn on a monthly basis for accrued rights and had also raised the monthly payment for the accumulated arrears of retirees to N14bn.

“But the government will come in and pay the shortfalls for those whose RSAs’ balance is not

“If a Permanent Secretary earned N1m as his last salary and his RSA can only pay him N400,000 a month, the government will provide the N600,000 shortfall so that the Permanent Secretary will get his full salary at retirement as his pension. The N400, 000 will be from his RSA," he added.

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He said the PenCom would start making payments as soon as the money is released by the federal government.

Meanwhile, Legit.ng previously reported that the Nigeria Labour Congress (NLC) is to liaise with the International Trade Union Congress (ITUC) to place names of governors in the states where workers are being owed salaries and pensions for several months on a “watch list.”

The ITUC is the world’s largest trade union federation. It was formed on November 1, 2006, out of the merger of the International Confederation of Free Trade Unions and the World Confederation of Labour.

Ayuba Wabba, president of the NLC, made this known while addressing the Nigeria Union of Pensioners (NUP) at its 17th anniversary on Tuesday, December 11, in Abuja.

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Source: Legit

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