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9,146,975 workers now have pension accounts – PenCom

FG releases N11 82bn for MDA retirees

Punch Newspapers Sections Nike Popoola The Federal Government has released N11.82bn for payment of accrued rights of retirees of treasury funded Ministries, Departments and Agencies under the Contributory Pension Scheme. The Head, Corporate Communications Department, National Pension Commission, Peter Aghahowa, disclosed this in a mail sent to our correspondent on Wednesday. He stated, “The sum of N11.82bn has been released by the Federal Government for payment of accrued rights. “Accrued rights represent benefits for employees of treasury funded MDAs who worked up to June 2004, when the Pension Reform Act was introduced. Read Also “The commission appreciates the effort of the Federal Government at ensuring that the accrued rights arrears are cleared.”

Assessing impact of Retirement Savings Account transfer system on Nigerians

For decades, pension and other social benefit matters have received significant attention in many countries. A lot of reforms and decisions are being taken to address the challenges associated with the existing pensions leading to changes in the ways pension assets and benefits were managed and distributed to the target groups, especially retirees and ‘senior citizens’. In Nigeria, it has been a staggered history of pension since 1951, through the public sector pension scheme, the establishment of National Provident Fund (NPF) of 1961, the Pension Decrees nos.102 and 103 of 1979 and the National Social Insurance Trust Fund (NSITF) Decree no.73 of 1993. However, many retirees in Nigeria still go through unnecessary difficulties before accessing retirement benefits or their monthly entitlements due largely to the management or administration of the funds they have contributed over their years of service.

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