Tinubu Directs Rollout Of Free Healthcare For Low-Income Retirees, Pension Increase

…As PenCom Moots plans to introduce foreign currency contributions

President Bola Tinubu has directed for speedy rollout of the free healthcare access initiative for low-income retirees under the Contributory Pension Scheme (CPS), describing it as a critical component of social protection and dignity in retirement.

He also called for the prompt implementation of long-overdue pension increases and a minimum pension guarantee, which would provide a safety net for the most vulnerable pensioners under the CPS.

These directives are against the backdrop of series of agitations by retirees that inflationary trend had wiped out the value of their pensions and calls for increase in the monthly persons to the pensioners.

The President gave the directives after receiving a briefing from Ms. Omolola Oloworaran, the Director General of the National Pension Commission (PenCom).

President Tinubu further mandated the PenCom DG to urgently resolve the longstanding police pension issue, emphasising that members of the police force who serve and protect the nation deserve to retire with dignity and peace of mind.

The PenCom Director General had earlier briefed the President on ongoing efforts to ensure the value preservation of pension fund assets, especially in the face of inflation and macroeconomic pressures, as well as plans to introduce foreign currency contributions to enable Nigerians in the diaspora to participate in the pension system

President Tinubu strongly supported the reforms, reaffirming his administration’s commitment to inclusive growth and protection for ordinary Nigerians, according to a statement by the presidential spokesman, Bayo Onanuga.

During the briefing, the DG updated the President on a suite of transformative pension initiatives to enhance retiree welfare and expand the Pension Scheme’s reach.