The Nationwide Pension Fee (PenCom) has introduced the discharge of N13.89 billion for the cost of their Accrued Pension Rights of 2022 retirees of treasury-funded Ministries, Departments and Businesses (MDAs).

The fee revealed in a press release issued yesterday titled ‘Federal Authorities releases N13.89bn for cost of accrued rights for Contributory Pension Scheme retirees who retired within the 12 months 2022’.

It acknowledged, “The Nationwide Pension Fee is happy to tell all its stakeholders, significantly retirees of treasury-funded Ministries, Departments and Businesses who retired within the 12 months 2022, that the Federal Authorities has launched the sum of N13.89bn for the cost of their accrued pension rights.

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“The accrued pension rights symbolize an worker’s advantages for the previous years of service as much as June 2004, when the CPS got here into impact.

“Accordingly, PenCom is processing remittances into the varied Retirement Financial savings Accounts of the affected retirees, and their Pension Fund Directors will notify them sooner or later.

“Lastly, PenCom appreciates the efforts of his excellency, Mr President for his untiring help and dedication to the implementation of the CPS and guaranteeing the welfare of retirees.”

The Accrued Pension Rights symbolize an worker’s advantages for the previous years of service as much as June 2004, when the CPS got here into impact.