PenCom Proposes 20% Pension Contribution for Police Officers
The National Pension Commission (PenCom) has urged the Federal Government to increase its pension contribution for police officers from 10% to 20% and raise their monthly pensions to 75% of their final salary before retirement.
This call was made by PenCom’s Director-General, Ms. Omolola Oloworaran, during a visit to the Inspector-General of Police, Kayode Egbetokun, at Force Headquarters in Abuja.
The proposal follows protests by retired police officers who decried poor welfare and demanded exit from the Contributory Pension Scheme (CPS). However, PenCom believes that such a move would be unnecessary and counterproductive, emphasizing that the issues can be resolved within the existing framework.
Oloworaran assured that PenCom and the Nigeria Police Force (NPF) are committed to implementing reforms to address pension concerns.
The proposed reforms aim to significantly boost retirement savings and welfare for police personnel, who face unique risks and challenges in their service. By doubling government contributions and increasing monthly pensions, PenCom seeks to provide police officers with a more secure financial cushion in retirement.
Additionally, PenCom is working with the Head of the Civil Service of the Federation to introduce a new gratuity scheme for federal workers, which will grant treasury-funded employees one year’s total emoluments as gratuity upon retirement.
This development comes after President Bola Tinubu directed PenCom to resolve the long-standing issues surrounding police pensions, emphasizing that personnel who dedicate their lives to protecting the nation must retire with dignity and peace of mind.
The Inspector-General of Police has commended PenCom’s efforts and reaffirmed the Police Force’s readiness to work with the commission to resolve police pension concerns, #PenCom Proposes 20% Pension Contribution for Police Officers# Oando Completes First Tranche of Shares Distribution to Shareholders
