Federal government retirees in Lokoja, kogi State,who are on programmed withdrawal; under the contributory pension scheme (CPS) have expressed joy and commended the National Pension Commission (PenCom) for approving monthly pension increase for them, starting from February,2023.
The retirees made the commendation in separation interview with the correspondent of The Reporters in Lokoja on Tuesday.
Messrs Mohammed Ali, Suleiman Adamu, Christopher Benjamin and Abel Abraham among others, described PenCom’s approval on the issue as a cheering news, not only to them but also to their numerous dependants.
“Honestly, we retirees on programmed withdrawal,under the contributory pension scheme (CPS), have longed to see this type of development becoming a reality in our take monthly take home pension.
“It is no more news that the value of our monthly pension has been weekened, seriously, by the high inflation with multiplier effects on the high cost of living, making life unbearable for most of us” Alli noted.
Adamu, who said that he could could contain his happiness when he read in the media about the planned increase in the pension for such class of federal retirees, expressed optimism that the increase would go along way to ease social and economic hardship for the retirees concerned.
“When our colleagues on the old pension scheme got increase in their monthly pension some months ago, some of us felt bad that those of us on programmed withdrawal,CPS scheme were not affected.
“But from all indications, it appears that we will also receive similar increase in our monthly pension as well, according to Pen Com.
“While thanking PenCom for this positive development,I urge that it should commence at the stipulated month, to make the increase timely and its impact felt considerably in the lives of the retirees meant for,” he advised.
Our Correspondent recalls that PenCom in a statement said the development marked the third edition of pension enhancement under the CPS, which it noted started more than 10 years ago, adding that the new increase would take effect in February 2023.
The commission, however, stated that the increase would apply to retirees under programmed withdrawal who had accumulated significant growth in their retirement savings accounts.
The management of the organization further said:
“PenCom is pleased to inform the general public that the third edition of pension enhancement under the contributory pension scheme (CPS) has been approved.
” The exercise is for existing retirees under programmed withdrawal who have accumulated significant growth in their retirement savings accounts (RSAs).
“The effective commencement date of the enhancement is February 2023. All relevant retirees are, by this notice, advised to contact their respective pension fund administrators (PFAS) to complete the required documentation.”
They assured all stakeholders of their commitment to the “effective regulation, supervision and administration of pension matters in Nigeria.”