Nigerian govt, companies pay deceased workers’ families N328bn pension benefit

The National Pension Commission of Nigeria (PenCom) has paid N328 billion as death benefits to families of 86,610 deceased public and private workers in Nigeria under the Contributory Pension Scheme (CPS).

The figure is derived from an additional N17.6 billion paid as death benefits to the families of 3,077 deceased employees of the government and private companies between July and September 2023.

The funds were distributed among 1,781 families of federal government employees who received their salaries late, 451 families of state government employees in the same situation, and 845 families of workers from private companies.

Part of the report reads: “During the quarter under review, approvals were granted for payment of death benefit amounting to N17.62 billion to the legal beneficiaries/administrator of 3,077 deceased employees and retirees. This comprised of 2,232 public (FGN & State) and 845 private sector employees/retirees”

READ ALSO:PenCom recovers N721.12m from defaulting employers; others to face legal action

Meanwhile according to data from PenCom, since the inception of the Contributory Pension Scheme (CPS) in 2004 up to the end of September 2023, a total of 56,806 families of deceased employees in the federal government, 8,357 in the state government, and 21,447 in the private sector have received their death benefits.

The benefiting families were able to access this fund because their deceased family members subscribed to the Contributory Pension Scheme (CPS) and had been contributing to their respective Retirement Savings Accounts (RSA), while alive.

The CPS seeks to, among other reasons, ensure that every worker receives their retirement benefits as and when due.

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