The Federal Government has released the sum of N14.92 billion for the payment of accrued rights for retirees under the Contributory Pension Scheme (CPS).
A statement by the Head, Corporate Communications Department, PenCom, Peter Aghahowa, stated that the amount will cover four months arrears.
The Accrued Pension Rights, he said 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 appreciates 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,” he said.
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