FG Releases N14.9bn For Retirees’ Accrued Rights

By LOVETH AZODO, Lagos

The sum of N14.92bn has been approved and released by the Federal Government for the payment of accrued rights for retirees under the Contributory Pension Scheme.

According to a statement by the National Pension Commission, the amount will clear up to four months arrears.

The statement said, “The accrued pension rights represent an employee’s benefits for the past years of service up to June 2004, when the Pension Reform Act 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.”