Fed Govt Releases N14.92bn For Retirees’ Accrued Rights

The Federal Government has released N14.92bn for the payment of accrued rights for retirees under the Contributory Pension Scheme.

The National Pension Commission disclosed this on Monday in a statement entitled ‘FG releases N14.92bn for accrued rights for CPS retirees.’

This amount will cover four months arrears, according to PenCom.

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

“The commission appreciates the effort of the Federal Government at ensuring that the accrued rights arrears are cleared, and thanks the affected retirees of the Treasury-funded agencies for their patience.”