PenCom to Clear All Gratuities, Arrears with N758bn FGN Bonds
The National Pension Commission says it will clear all pension arrears and gratuities owed the retirees if the N758 billion bond by the Federal Government matures before December this year.
Ms.Omolola Oloworaran, the Director-General of PenCom said this on Friday in Owerri at a two-day workshop organised by the commission and, National Salaries, Income and Wages Commission.
The PenCom director-general was represented by Mr Samuael Uwandu, the National Commissioner Inspectorate of the Commission. Oloworaran said that over the decades, there had been some issues on the gratuities or the amount paid to pensioners.
She gave an example with the Police retirees, noting that their pension is very small and inconsistent to what they had contributed.
“Thanks to President Bola Tinubu who has given PenCom a bond of N758 billion and we are working towards cashing it and we hope to cash it towards the end of the year.
“The bond will be converted into cash all the gratuities will be paid in full by December this year and everybody that is owed arrears will be paid in full.
“Those who qualify to be paid since the increased in pension from 2007, the retirees are still being owed, the commission will pay them also “, she said.
Oloworaran, added that President Tinubu, is committed to improving the well-being of Nigerians including the retirees. According to her, PenCom is talking with government to increase their arrears from 75 per cent to 100 per cent of their final emolument.
“What this means is whatever is a pensioner’s salary when he retired, is what he will continue to receive or 75 per cent of that.
“Although, PenCom is just an intermediary, we have contact the President and what we should understand is this is an Act and an Act comes from the National Assembly that makes the laws.
“But if a change of an Act comes from the Executive, it can easily be rectified by the National Assembly.
“Those who qualify to be paid since the increased in pension from 2007, the retirees are still being owed and the commission will pay them”, she said.
Comrade Bisan Olufemi, National Secretary, Nigeria Union of Pensioners Contributory Pension Scheme Sector (NUPCPS), expressed appreciation to National Salaries Income and Wages Commission for releasing funds to clear 18 months accrued pension to the pensioners.
He also thanked the Federal Government that the accrued pension arrears was paid up to October this year, expressing happiness that Government was ready to pay for November.
Similarly, Olufemi, commended PenCom for its promise to ensure that all retirees would start receiving their retirement benefits the very month of their retirements.
Mr Chris Duru, one of the retirees who participated in the sensitisation workshop thanked the organisers and urged them to do same annually for more retirees to benefit
The sensitisation workshop was organised for all the retirees in the five states of the South-East geo-political with more than 107 retirees participated in the programme. Aradel to Acquire 40.0% Equity Interest in ND Western Limited
