Pension Delay for Treasury-Funded MDAs Retirees Over – PenCom
The National Pension Commission (PenCom) says the era of delayed pension payments for retirees of treasury-funded Ministries, Departments and Agencies (MDAs) is over.
Mr Ibrahim Buwai, Head of the Corporate Communications Department in the commission, stated this in an interview with the News Agency of Nigeria (NAN), in Abuja on Sunday.
According to Buwai, PenCom has achieved promptness in the remittance of accrued pension rights, following a sustained reforms and improved remittance systems.
He said the commission has been paying accrued pension rights as and when due, since July, ensuring that retirees receive their entitlements within the month of retirement.
“As at today, payments for November retirees have been completed.
“The accrued rights of those retiring in December will be paid before the 15th as earlier announced, to enable them receive their benefits ahead of the festive season,” Buwai said.
He recalled that the Federal Government recently released N758 billion bond proceeds to settle outstanding pension liabilities, including arrears for pension increases owed since 2007
Buwai said the developments reflected the commission’s commitment to ensuring that no retiree under the Contributory Pension Scheme (CPS) experienced hardship due to delayed payments.
“With these measures in place, delays in pension payments for treasury-funded MDA retirees will no longer be an issue.
“PenCom remains dedicated to strengthening the pension system and safeguarding the welfare of retirees nationwide,” he said.
Buwai also said that the commission is working with stakeholders on the issue of non-remittance of pension of employees to their Pension Fund Administration (PFA) by employers.
To address this challenge, Buwai recalled that the Director-General of PenCom, Ms Omolola Oloworaran, recently signed a Memorandum of Understanding (MoU) with anti-graft agency, ICPC, to recover unremitted pension contributions and enforce pension compliance.
He said the MoU empowers ICPC to enforce prompt disbursement of recovered funds into Retirement Savings Accounts (RSA) and hold defaulting employers accountable under the law.
According to him, defaulters would be penalised in accordance to the law. Bitcoin Price Crashes Below $100k over Panic Sell-offs
