By Rosemary IwunzeMore retirees under the Contributory Pension Scheme, CPS, are receiving enbloc payments at retirement due to insufficient balance in their Retirement Savings Accounts, RSAs.
Enbloc payments are made to retirees when their RSA balances could not provide a monthly pension of at least one-third of the prevailing minimum wage of N30,000.
The report stated: “The Commission received requests from retirees for enbloc payments during the period.
The Commission approved 7,473 requests, while 23 were rejected due to wrong computations of lump sum or monthly pensions.
A lump sum of N18.67 billion was approved for the 5,304 retirees, while N22.
6 billion was paid to RLA providers for their monthly annuity payment of N539.93 million.
”..
News articles remains the property of the source. Tellbrief is a news aggregator.
