Latest news from the Federal Government reveals a new directive to calculate the accrued pension of serving federal civil servants. The Office of the Head of Civil Service of the Federation, in collaboration with the Ministry of Finance, is focusing on employees hired on or before June 30, 2024. This initiative aims to plan ahead for the early release of workers’ entitlements, reducing delays in pension payments.
Despite the government’s efforts, there have been challenges with delays in releasing accrued pension rights. The Federal Government has been urged to prioritize the payment of these entitlements, which are essential for retired officers under the old Defined Benefit Scheme.
Unfortunately, the government’s failure to release funds for accrued pension rights has been a recurring issue. Pensioner groups have expressed concern over the FG’s non-compliance with pension policies. To date, the FG’s indebtedness to retirees for accrued pension rights amounts to an alarming N230bn.
With calls to boycott investing pension assets in FG securities and demands for improved adherence to pension schemes, the Federal Government faces mounting pressure to address these critical issues affecting retired civil servants.
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