The National Pension Commission (PenCom) says the Federal Government has approved the release of N16.67 billion for the payment of accrued pension rights to 2021 retired workers.

The retiring workers will be from treasury-funded ministries, departments and agencies (MDAs).

PenCom said this in a recent statement, adding that the Federal Government had earlier settled all arrears of accrued pension rights payments 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 federal government treasury-funded ministries, departments, and agencies (MDAs).

The commission had said that the Federal Government is 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 Federal Government had earlier settled all arrears of accrued pension rights payments to the verified and enrolled retirees up to December 2020,” the statement reads.

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 and December.

The enrollment exercise will end on December 31, 2021.

(New Telegraph)