The Director-General of PenCom, Omolola Oloworaran, disclosed this on Tuesday throughout a briefing in Abuja.
She stated that under President Bola Ahmed Tinubu’s administration, monthly pension payments to retirees who had labored for the nation elevated by N2.68 billion, representing a 22 per cent rise from N12.15 billion to N14.83 billion.
According to her, reforms launched within the pension sector over the previous two years have significantly lowered the challenges dealing with the business, significantly these affecting peculiar Nigerians.
She cited the rise in monthly pension payments to pensioners under the Nigeria Social Insurance Trust Fund (NSITF) by 1,173 per cent, from N18,000 to N206,000, after 21 years.
“For the primary time, retirees throughout the Contributory Pension Scheme have obtained a pension improve throughout the board. Pension Boost 1.0 raised the monthly pensions of greater than 241,000 retirees. Total monthly pension payments rose from N12.15 billion to N14.83 billion.
“Combined monthly pensions for 2,116 NSITF retirees rose from N12.56 million to N159.95 million, and N8.70 billion in arrears has been paid. One retiree who received about N18,000 a month now receives about N206,000. Twenty-one years of waiting, answered in a single decision,” she stated.
Oloworaran additionally famous that the fee had automated the imposition of penalties on employers in Nigeria who did not remit employees’ pension contributions.
