FG Promises Improved Welfare, Faster Payments For Retirees

The federal government has reaffirmed its commitment to enhancing the welfare of senior citizens, with renewed efforts aimed at ensuring retirees live with dignity and peace of mind.

The director-general of the National Pension Commission (PenCom), Omolola Oloworaran, made this known on Tuesday in Abuja during the national thanksgiving conference of the Nigeria Union of Pensioners Contributory Pension Scheme Sector (NUPCPS).

Speaking at the event, themed: “Strengthening Contributory Pension Scheme (CPS) administration for dignity, timelines and trust,” Oloworaran said the government is prioritising pension reforms to address the challenges faced by retirees, particularly those experiencing hardship after years of service.

She noted that ongoing reforms are already yielding results, with many senior citizens acknowledging improvements in pension administration and service delivery. According to her, the government remains focused on implementing impactful policies that guarantee comfort and stability for the elderly.

Oloworaran stressed that under her leadership, the commission has prioritised prompt payment of retirement benefits, revealing that outstanding pension liabilities have been cleared and retirees now receive payments within weeks—and in some cases, days—of retirement.

She added that Pension Fund Administrators are working towards processing payments within 24 hours, marking a significant shift from previous delays.

The PenCom boss also highlighted the introduction of Pension Reform 2.0, which builds on the Pension Reform Act of 2004 to strengthen the system and ensure financial security for retirees. She explained that the reforms include plans to integrate healthcare support into pension benefits and introduce a minimum pension guarantee to address low monthly payouts.

“For retirees earning between N10,000 and N30,000 monthly, those days are coming to an end,” she said, noting that efforts are underway to establish a sustainable pension floor.

Ongoing actuarial assessments, she added, will help determine viable benchmarks for the proposed minimum pension, while improved investment strategies are being explored to boost returns on pension funds.

In his remarks, the national chairman of NUPCPS, Sylva Nwaiwu, acknowledged that the federal government had cleared longstanding pension arrears and regularised monthly remittances.

He, however, appealed for the inclusion of retirees previously excluded from gratuity payments and pension increment arrears, particularly those from organisations under first-line charge and self-funded entities, including the defunct Power Holding Company of Nigeria.

Nwaiwu also called for swift intervention to address delays in implementing pension increment arrears and improve the treatment of retirees by Pension Fund Administrators.

He commended the administration for its efforts so far, urging sustained commitment to reforms that ensure retirees enjoy a dignified and secure life.