23/06/2025
PENCOM INCREACES MONTHLY PENSION PAYMENTS TO RETIREES .
National Pencom commission (PENCOM)has launched Pencom Boost 1.0 an initiative under the contributory pension scheme. (CPS)aimed at aiding the payment of the increment approved to the monthly pension payments to the retirees,with the total launched monthly payments increase from #8.5 billion ,to 11.9 billions,effective June .
This was made known by the Director General of Pencom Ms Omoloala Oloworaran,at the commission's second quarter Media briefing in Lagos. She noted that the increase would benefit over 233,000 retirees depending on their Retirement Savings Account (RSA)balance.
"We are introducing Pension Boost 1.0 .This is news every retiree have been waiting for ."Effective this month ,total monthly ,pension payments under this CPCwill rise from #8.5 to 11.9 billions .This will directly benefits over 233,000 retirees depending on their pension account balance.
"The D.G.described the initiative as a strategic leap made possible by strong RSA investment and bold economic reformsunder the administration of President Bola Ahmed Tinubu.
This is a token gesture, it is a result of sound investment reforms and a visionary framework for pension enhancement.
It is driven by our newly modified standard pension enhancement template, a transparent structure that allows upward pension adjustments as investment returns increase. This is just the beginning. "Retirating Pencom's Vission ,Oloworaran said ,the commission is focused on building a transparent, inclusive and resilent pension system.
"We are restoring faith in retirement. We are rewarding work ,with diginity, ".She also issues a warning ,to defaulting employers and complacent pension operators.
"To employers with the pension remittances, your grace period is over.To operators who remains complacent, there will be consequences. And to every Nigerian workers ,we see you ,we hear you,and we will protect your future. "Let the pension industry take note;this is a new era,and we are not going to turn. back,We will continue to move forward "Oloworaran remarked.
Source NAN.
To all Retirees under contributory Pension Scheme, for more information on your monthly pension increment and implementation, please contact your Pension fund Administration (PTA)
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