PenCom Reveals 18,000 Pensioners Unpaid Despite Funds

According to the National Pension Commission (PenCom), even though the Federal Government has set aside N44 billion between March and September 2023, only 18,000 pensioners have not yet received their earned benefits.

Read Also: PenCom Announces ₦44 Billion for Pension Payments

This was said by the commission during a workshop on the growth of the media industry in Lagos that PenCom arranged.

PenCom Director-General Omolola Oloworaran spoke at the event and said that while the March–September payout demonstrated the CPS’s resilience, he bemoaned the insufficient funding to pay accrued rights since September 2023.

She claims that 18,000 Nigerians are a sizable portion of the population who have not been granted their rights.

“Regrettably, we do not have sufficient funds to cover payments from September 2023 to date, and the persistent delays in the payment of accrued rights remain a challenge,” She said.

She gave stakeholders her word that the commission was working with the government to create a long-term solution that would guarantee pensioners got their benefits as soon as possible with the fewest possible delays.

To make voluntary contributions easier to access and to bring en-bloc payment criteria into line with the new minimum wage, the DG announced the release of an updated program withdrawal template.

According to her, the changes are intended to improve the effectiveness and usability of retirement procedures.

She also emphasised the accomplishments of the October 2024 launch of the e-Application Portal for Pension Clearance Certificates (PCC).

“This initiative replaces the previous manual process, allowing companies to seamlessly apply for and receive PCCs online. Since its deployment, the Commission has issued over 38,000 PCCs, significantly enhancing the ease of doing business and ensuring compliance,” she disclosed.

To ensure that retirees may access their benefits without experiencing excessive stress, the DG reaffirmed the commission’s commitment to enhancing service delivery and reducing delays.

The commission also announced at the ceremony that it had granted more than 38,000 Pension Clearance Certificates (PCC) to organizations in 2024.

PCC serves as proof that CPS complies with the Pension Act.

It is a requirement for all consultants, contractors, or suppliers requesting business or contracts from Federal Government ministries, divisions, and agencies (MDAs).

Manomsi Mallum/ The Guardian