BY NKECHI NAECHE ESEZOBOR–The National Pension Commission ( PenCom) on Monday announced that the Federal Government has released the sum of 14.92 billion for the payment of accrued rights for retirees under the Contributory Pension Scheme (CPS).
According to statement released by the committee’s head of corporate communications, Peter Aghahowa, that the said amount will cover four months arrears.
The statement added that 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 also applauded 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.
