Contributory Pension Retirees Demand Minimum Stipend Implementation

Retirees under the Contributory Pension Scheme have demanded the implementation of minimum pensions.

They made their request known in a statement titled, ‘Demand for the full implementation of Contributory Pension Scheme in Nigeria,’ which was signed by the President, Contributory Pensioners Union of Nigeria, Eleyele Branch, Ibadan, Matthew Shittu.

In the statement, they sought the support of Nigeria’s President, Bola Tinubu, the Chief of Staff of the Federation, the Senate president, and the director-general of the National Pension Commission.

The retirees stated, “Current wage upward review of minimum wage of N30,000 to federal civil servants/retirees, which no provision was made for pensioners under the Contributory Pension Scheme. We demand for a provision to be made for this group of contributory pensioners.”

The members of the union appreciated the Federal Government for the timely release of funds and directed PenCom to ensure payment to CPS retirees as when due.

“Payment of pension increment based on 15 per cent and 33 per cent of 2007 and 2010 respectively, yet to be paid, the union demands for immediate implementation of it,” it said.

The retirees frowned at the non-disclosure of the template for calculating retirees’ benefits under the CPS.

For example, it added, “The Federal Government through the Central Bank of Nigeria and PenCom still owe all categories of CPS from inception of 2004, accrued interest on their entitlements as at July 2004 which was deposited with the CBN as bonds.

“Therefore, we are demanding the calculation of all accrued interests (On all monetised amounts) as of July 2004 at the government’s official interest rate as at the time to be paid to our members.”

The retirees also demanded the union’s representation on the forthcoming Pension Act Review Committee coming up in 2024.

CPUN said it did not want people who were not stakeholders to represent it anymore.

It stated, “The union also demands that, henceforth, any entitlement due to retirees under the CPS should not be paid like 2.5 per cent which was pro-rated into 10 years. Every delayed entitlement should be paid directly to the beneficiaries.”

Olusola Akintonde/Punch