Politics
Breaking News: Pensioners Advocating For Implementation Of Minimum Stipend In Contributory Pension System
Breaking News: Pensioners Advocating For Implementation Of Minimum Stipend In Contributory Pension System....KINDLY READ THE FULL STORY HERE▶
The Contributory Pensioners Union of Nigeria, Eleyele Branch, Ibadan, led by President Matthew Shittu, conveyed this demand in a statement titled ‘Demand for the full implementation of Contributory Pension Scheme in Nigeria.
In their plea, the retirees specifically sought support from key figures such as Nigeria’s President, Bola Tinubu, the Chief of Staff of the Federation, the Senate President, and the Director-General of the National Pension Commission.
The retirees emphasized the need for provisions in light of the recent upward review of the minimum wage to N30,000 for federal civil servants/retirees, with no corresponding provision for pensioners under the Contributory Pension Scheme. They are requesting immediate attention to rectify this omission.
While expressing gratitude for the timely release of funds by the Federal Government, the union directed the National Pension Commission (PenCom) to ensure prompt payment to Contributory Pension Scheme retirees. Furthermore, the retirees demanded the implementation of pension increments based on the agreed percentages for the years 2007 and 2010, which are yet to be disbursed.
Criticizing the lack of transparency in the calculation of retirees’ benefits under the Contributory Pension Scheme, the retirees called for the disclosure of the template used for such calculations. They highlighted the outstanding accrued interest owed by the Federal Government, Central Bank of Nigeria, and PenCom since the inception of the scheme in 2004, insisting on the immediate calculation and payment of these accrued interests based on the government’s official interest rate.
Looking ahead, the retirees insisted on representation in the upcoming Pension Act Review Committee scheduled for 2024, expressing the desire for stakeholders, rather than non-stakeholders, to represent their union. Additionally, they called for a change in the disbursement method of entitlements, proposing that delayed entitlements under the Contributory Pension Scheme should be paid directly to beneficiaries, avoiding pro-rated payments over extended periods.
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Source; Bushradiogist
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