Naira currency: Ajami must go

By Rosemary Iwunze

The Federal Government, yesterday, released the sum of N11.82 billion for payment of accrued rights for retirees of treasury funded Ministries, Departments & Agencies (MDAs) under the Contributory Pension Scheme (CPS).

Accrued rights represent benefits for employees of Treasury Funded MDAs who worked up to June 2004, before the Pension Reform Act that gave birth to the CPS was introduced.

However, Vanguard investigation shows that the amount will cover only two months arrears of January and February 2020. This is because the last payment for accrued rights was for December 2019. In essence, a backlog of ten months arrears is still outstanding.

READ ALSO:Breaking: Police evacuate US Congress offices as Trump supporters protest in Capitol Hill: video

Meanwhile, Head, Corporate Communications Department of National Pension Commission, PenCom, Mr. Peter Aghahowa, who disclosed the information noted that the Commission appreciates the effort of the Federal Government at ensuring that the accrued rights arrears are cleared.

However, retirees are of the opinion that the delay by the federal government to release accrued rights of retirees in the country is adversely affecting them, even as they lamented that many of their colleagues have died while waiting for their pension benefits.

Leader of the Ibadan branch of the Contributory Pensioners Union of Nigeria, CPUN, Chief Matthew Shittu, said: “The lateness in the payment of accrued rights to retiring or retired workers is bringing untold hardship to retirees who have to wait for several months before accessing their entitlements.”

 

Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.