The Federal Government has released N14.92 billion for the payment of accrued rights for retirees under the Contributory Pension Scheme (CPS).
The National Pension Commission (PenCom) said in a statement on Monday that the amount released would be used to cover four months arrears of accrued rights of Federal Government retirees.
The Commission revealed that the amount released would be used to cover four months arrears of accrued rights of Federal Government retirees.
The Accrued Pension Rights represents an employee’s benefits for the past years of service up to June 2004, when the Pension Reform Act (PRA) that birthed the CPS, came into effect.
“The Commission appreciates the effort of the Federal Government at ensuring that the accrued rights arrears are cleared, and thanks the affected retirees of the Treasury-Funded Agencies for their patience,” the statement stated.
