186,730 retirees receive N395.20bn benefits since 2004

  |   Nigeria News

A TOTAL of N395.20 billion has been paid to 186,730 retirees since the inception the Contributory Pension Scheme, CPS in 2004.

According to the National Pension Commission, PenCom, a breakdown of the figure shows that monthly payments to the retirees stood at N6.35 billion monthly up to September, 2016.

The arrangement was that their pension rights should be constituted into a bond and that at least 5 per cent of the workers' monthly wage bill be paid into a sinking fund account set up in CBN but this has not been done and this has affected the regularity of the scheme's funding ", he stated.

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