FG okays N16.6bn pension payment to 2021 MDA retirees

The Federal Government has approved the release of N16.67bn for the payment of accrued pension rights to 2021 retired workers.

National Pension Commission stated this on Wednesday, adding that the retiring workers woud be from treasury-funded ministries, departments and agencies (MDAs).

The statement added that the FG had earlier settled all arrears of accrued pension rights to the verified and enrolled retirees up to December 2020.

In June, PenCom had said President Muhammadu Buhari approved the payment of unpaid pension liabilities to retirees of FG treasury-funded MDAs.

The commission had said that the FG was willing to comply with the reviewed rate of pension contributions.

“The National Pension Commission (PenCom) is pleased to announce the release of N16.67 billion by the Federal Government for the payment of Accrued Pension Rights to 2021 retirees of Treasury-funded Ministries, Departments and Agencies (MDAs),” the statement reads.

“The Federal Government had earlier settled all arrears of accrued pension rights payments to the verified and enrolled retirees up to December 2020.”

Last year, the commission introduced a digital pre-retirement verification/enrolment exercise for employees of Federal Government treasury-funded MDAs due to retire from service between January till December.

The enrolment exercise will end on December 31, 2021.