Punch Newspapers
Sections
Nike Popoola
The National Pension Commission disclosed this in its third quarter report on the scheme.
Part of the report read, “The total pension contributions grew by N184.68bn within the third quarter of 2020.
“Out of this total, the public sector accounted for N117.7bn or 63.73 per cent while the private sector contributed N66.98bn or 36.27 per cent.
“The cumulative pension contributions received from both the public and private sectors from inception to the end of the third quarter of 2020, therefore, amounted to N6.37tn, up from the N6.19tn as at the end of the second quarter, 2020, representing a growth of 2.98 per.”
Commercial Vehicle Technician | Vehicle Technician Jobs am-online.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from am-online.com Daily Mail and Mail on Sunday newspapers.
FG releases N11.8bn pension for MDA retirees, 10 months arrears still outstanding
On
By Rosemary Iwunze
The Federal Government, yesterday, released the sum of N11.82 billion for payment of accrued rights for retirees of treasury funded Ministries, Departments & Agencies (MDAs) under the Contributory Pension Scheme (CPS).
Accrued rights represent benefits for employees of Treasury Funded MDAs who worked up to June 2004, before the Pension Reform Act that gave birth to the CPS was introduced.
However, Vanguard investigation shows that the amount will cover only two months arrears of January and February 2020. This is because the last payment for accrued rights was for December 2019. In essence, a backlog of ten months arrears is still outstanding.
A statement signed by the union’s Assistant General Secretary, Moni Mike Modesty Itua, said the directive would remain in force until the union directed otherwise.
According to him, the decision of public schools not to enrol into the contributory pension scheme was as a result of the resolution of the State Wing Executive Council (SWEC) of the union at its last meeting held on December 29, 2020.
The union had on December 29 issued a 21-day strike notice to the state government over alleged failure to meet its demands bothering on poor conditions of service and non-payment of outstanding financial entitlements among others.