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).
Mr Peter Aghahowa, Head, Corporate Communications Department, National Pension Commision (PenCom), made this known on Monday in a statement in Lagos.
Aghahowa explained that the amount would cover four months arrears.
According to him, the accrued pension right 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 thank the affected retirees of the Treasury-Funded Agencies for their patience,” he said.
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