TheCable

The National Pension Commission (PenCom) says the federal government has released N13.89 billion for the payment of the pension of retired workers.

The commission said this in a statement on Thursday.

It said the payment is for the accrued pension rights (ACR) of retirees of treasury-funded ministries, departments and agencies (MDA’s) in 2022.

“The National Pension Commission (PenCom) is pleased to inform all its stakeholders, particularly retirees of treasury-funded ministries, departments and agencies who retired in the year 2022, that the federal government has released the sum of N13.89 billion for the payment of their accrued pension rights,” the statement reads.

“The accrued pension rights represent an employee’s benefits for the past years of service up to June 2004, when the CPS came into effect.

“Accordingly, 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.”

PenCom also appreciated the efforts of President Muhammadu Buhari for his untiring support and commitment to the implementation of the CPS and ensuring the welfare of retirees.

Last year, the commission announced the commencement of the 2023 online verification and enrollment exercise for retirees/prospective retirees of the federal government treasury-funded MDAs.

The exercise which started on October 17, 2022, and was expected to end on December 31, 2022.