The National Pension Commission on Thursday said that outstanding payments of Federal Government employees that retired in 2017 would soon paid.
Aisha Dahir-Umar, Acting Director-General of PENCOM, disclosed this in Uyo, Akwa Ibom at a workshop organised for journalists.
The theme of the workshop is: “Contributing pension scheme; achievements and challenges”.
Dahir-Umar, represented by Muhammad Sani-Muhammad, Legal adviser and PENCOM Secretary, said that the amount due to those retiring in 2018 have been submitted to the government for appropriation in the 2018 budget.
She said: “The effort to pay these employees is based on the positive disposition of government towards settling outstanding pension liabilities as evidenced by the release of N54 billion in April 2017.”
Dahir- Umar said that the commission had determined the total pension liability owed to the contributory pension retirees including 15 and 13 per cent pension increases of 2007 and 2014.
Also speaking, Muhammad Umar, from the Department of Retirement Benefit, PENCOM said that arrangements have been concluded to enable retirees receive their benefits.
According to him, the first stage was the bulk amount paid to the retiree at retirement after determining the monthly pension from the RSA balance.
Umar said: “It is not automatic but subject to variables such as RSA balance, gender, last salary, age at retirement using Programmed Withdrawal Template.”
Umar said that the template determined the minimum monthly pension, maximum and minimum lumpsum from which a retiree could choose.