Pension queues set to return as FG defaults in meeting obligations

MORE than 90,000 federal government employees could be forced to create pension queues again which the Contributory Pension Scheme, CPS, had eliminated.

This is because the federal government is yet to commence the implementation of the revised 18 per cent minimum pension contributions for its employees as stipulated under Section 4 of the Pension Reform Act (PRA) 2014.

Financial Vanguard investigations reveal that federal government is still remitting 7.5 per cent stipulated in the repealed 2004 Pension Act, three years after the law was amended.

The investigations also show that under the amended Act, over N150 billion has already been accumulated as the arrears owed to over 90,000 federal government retirees under the CPS as at December, 2016.

Vanguard, October 23, 2017

 

 

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