Tinubu unveils ₦52,500 minimum pension for retirees.
The President also inaugurated the Pension Industry Healthcare Plan for Retirees, known as PenCare, designed to provide free essential healthcare services […] The post Tinubu unveils ₦52,500 minimum pension for retirees appeared first on Vanguard News .
President Bola Tinubu has unveiled a ₦52,500 monthly minimum pension guarantee for 173,209 eligible retirees under the Contributory Pension Scheme (CPS), ending a 22-year delay in implementing the provision of the Pension Reform Act.
Tinubu, who was represented by Senate President Godswill Akpabio, announced the initiatives on Tuesday at the Presidential Pension Security Initiatives ceremony held at the State House Banquet Hall, Abuja.
Declaring the Minimum Pension Guarantee operational, the President said, “By the authority vested in me as President, Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, I hereby declare the Minimum Pension Guarantee Scheme commenced.” He explained that the guarantee, first provided for under the Pension Reform Act of 2004 and retained in the 2014 legislation, had remained unimplemented under successive administrations. “From this day, there is a floor beneath the Nigerian retiree. No one who contributed under the Contributory Pension Scheme will ever be allowed to fall below,” he said. Tinubu urged future administrations to sustain the initiative, declaring: “Raise it.
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