JUBILIATION AS N11.828 BILLION IS RELEASE FOR PAYMENT OF PENSION ARREARS

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Pensioners under accrued right benefits would be smiling home soon as the federal government approved N11.828 billion to clear pension backlog.

National Pension Commission (Pencom), however, confirmed the sum as approved by the federal government on Wednesday.

Accrued rights represent benefits for employees of Treasury Funded Ministries, Departments and Agencies (MiDAs) who worked up to June 2004, when the Pension Reform Act was introduced Mr. Peter Aghahowa, the Head of Corporate Communications of Pencom disclosed this in a statement, on Wednesday.

He expressed the commission’s appreciation over the effort of the Federal Government at ensuring that the accrued rights arrears were cleared.

In 2017, President Muhammadu Buhari similarly approved released of N41.5 billion for the clearance of backlog of inherited accrued pension benefit owed to retired pensioners.

The money was due to civil servants that retired under the Contributory Pension Scheme between 2014, 2015 and 2016 under accrued pension benefit.

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