Sunday, January 17, 2021
  • About
  • Advertise
  • Careers
  • Contact
Pension Changes
  • Home
  • Government Policy
  • Pension Changes
  • Pension Information
  • Pension Rights
  • Retirement Pension
No Result
View All Result
Pension Changes
Home Pension Rights

FG’s Pension Liabilities Hit N494.12bn

March 16, 2020
in Pension Rights
FG’s Pension Liabilities Hit N494.12bn
0
SHARES
5
VIEWS
Share on FacebookShare on Twitter

Related posts

Law, Practice and Precedents (8th Edition)

Law, Practice and Precedents (8th Edition)

January 15, 2021
Guest comment: Credit where it’s due

Guest comment: Credit where it’s due

January 15, 2021

FG’s Pension Liabilities Hit N494.12bn

The National Pension Commission (PenCom), has disclosed that the federal government’s total arrears of pension liabilities stands at N494.12 billion as at the end of 2019.

The Acting Director-General of the Commission, Mrs. Aisha Umar-Dahir, disclosed this at the public hearing organised by the House of Representatives committee on pensions on the non-remittance of pensions by employers.

She gave the breakdown of the pension liabilities as N72.14 billion for 2017 and 2019 shortfalls of accrued pension rights and N246.06 billion for 15% and 33% pension increases. The liabilities also include N4.5 billion for shortfalls of the pension entitlements of the head of service, permanent secretaries and professors, N30.13 billion for pension protection fund/minimum pension guarantee as well as N141.3 billion for 3% increase in employer/employee pension contribution plus 2% penalty.

Powered by RubiQube Ad Network
CHECK THIS OUTSteepto

Men, You Don’t Need Viagra If You Do This Once A Day
PrimeTRT

Think New Dental Implants Are Expensive? Think Again (See Prices)

Sexy Russian Babes Looking For Brooklyn Men Older Than 30
HOT RUSSIAN GIRLS
A large number of retirees of the treasury-funded federal government’s MDAs under the CPS are yet to receive their retirement benefits due to delay in payment of accrued pension rights by the Federal Government”, Umar-Dahir said.

She disclosed that out of the 957 Federal Government MDAs under the CPS, only 112 self-funded MDAs have implemented the new minimum contribution rate of 10% for the employer and 8% for the employee, making it 18% of an employee’s monthly emolument.

According to her, 854 other treasury-funded MDAs are still implementing the old contribution rate of 15%, creating a backlog of 3% and 2% that must be paid as penalty. The PenCom boss appealed to lawmakers on the consistent provision in budgets to clear the liabilities as well as floating a bond through the Debt Management Office (DMO) to fund accrued rights of Federal Government retirees’ accrued rights. In his remarks, the Chairman of House of Representatives committee on pensions, Hon. Kabiru Usman Rurun, said the public hearing was convened to find solutions to the problems confronting the contributory pension scheme.

He noted that the National Assembly was concerned with alleged mismanagement of pension funds and ill-treatment of retirees.

— FG’s Pension Liabilities Hit N494.12bn to naija247news.com

Previous Post

This brutal judgment on pensions is blind to the reality of older women’s lives

Next Post

High earners face hefty tax bills on undeclared pension contributions

Next Post
High earners face hefty tax bills

High earners face hefty tax bills on undeclared pension contributions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

MP column: Justice for the miners

MP column: Justice for the miners

2 months ago
Pension tips to build a pot that suits your lifestyle

Pension tips to build a pot that suits your lifestyle

10 months ago
Opposition leaders agree loans should be used for investment | News

Opposition leaders agree loans should be used for investment | News

4 months ago
Formal reversal of police pension changes recommended

Formal reversal of police pension changes recommended

8 months ago

FOLLOW US

  • 79 Followers
  • 27.6k Followers
  • 40.7k Subscribers

BROWSE BY CATEGORIES

  • Government Pension Policy
  • Pension Changes
  • Pension Information
  • Pension Policy
  • Pension Rights
  • Retirement Pension
  • Uncategorized

BROWSE BY TOPICS

2021 2021 Pensions auto-enrolment age 18 auto enrolment pension contributions 2021/22 auto enrolment rates 2020/21 auto enrolment rates 2021/22 cashing in pension at 55 cashing in pension calculator cashing in small pension pots CCP retirement check my state pension Disabled pensions drawdown employer pension contributions 2021/22 government policy examples uk list of government policies uk minimum pension contributions 2021 minimum pension contributions 2022 new state pension Pension age pension issues pension ombudsman pension plan pension regulator Pensions Advisory Service Pensions Brexit pension scheme uk Pensions outlook retirement 2 million scams scheme funding Single mothers pensions State Pension State Pension age state pension changes state pension forecast State Pensions State triple lock taking pension at 55 the pensions regulator Therese Coffey uk pension age UK State Pension uk state pension age what is government policy uk

POPULAR NEWS

  • Multiemployer pension reform not happening this year

    Multiemployer pension reform not happening this year

    5 shares
    Share 0 Tweet 0
  • Exit payment cap: Implications for the LGPS

    0 shares
    Share 0 Tweet 0
  • Public Service Pensions Update | October 2020

    0 shares
    Share 0 Tweet 0
  • NEST: More than a pension | Country Report

    0 shares
    Share 0 Tweet 0
  • Builders were not self-employed, rules employment tribunal

    0 shares
    Share 0 Tweet 0

Follow us on social media:

Recent News

  • Law, Practice and Precedents (8th Edition)
  • State pension payments can be received while working – will more tax need to be paid?
  • What is the average UK retirement income?

Category

  • Government Pension Policy
  • Pension Changes
  • Pension Information
  • Pension Policy
  • Pension Rights
  • Retirement Pension
  • Uncategorized

Recent News

Law, Practice and Precedents (8th Edition)

Law, Practice and Precedents (8th Edition)

January 15, 2021

State pension payments can be received while working – will more tax need to be paid?

January 15, 2021
  • About
  • Advertise
  • Careers
  • Contact

© 2020 Please contact us on partnership@pensionchanges.co.uk if you would like to reach our audience.

No Result
View All Result
  • Home

© 2020 Please contact us on partnership@pensionchanges.co.uk if you would like to reach our audience.