The introduction of minimum pensions has been demanded by Contributory Pension Scheme retirees.
They expressed their desire in a statement signed by Matthew Shittu, President of the Contributory Pensioners Union of Nigeria, Eleyele Branch, Ibadan, and captioned “Demand for the full implementation of Contributory Pension Scheme in Nigeria.”
They requested the backing of President Bola Tinubu of Nigeria, the Chief of Staff of the Federation, the President of the Senate, and the Director-General of the National Pension Commission in their statement.
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The retirees declared, “The federal civil servants and retirees are currently subject to an upward review of the minimum wage of N30,000, with no provision made for pensioners under the Contributory Pension Scheme. We demand for a provision to be made for this group of contributory pensioners.”
The union’s members urged PenCom to make sure CPS pensioners are paid when it is due and expressed gratitude to the federal government for the prompt disbursement of funds.
“The union demands immediate implementation of the pension increment based on 15% and 33% of 2007 and 2010, respectively, which has not yet been paid,” the statement stated.
The non-disclosure of the template used to determine retiree benefits under the CPS infuriated the retirees.
For instance, it stated, “The Federal Government still owes all types of CPS from the start of 2004, accumulated interest on their rights as of July 2004, which was placed with the CBN as bonds. This is through the Central Bank of Nigeria and PenCom.
In order to pay our members, we are requesting that all accrued interest (on all monetised sums) as of July 2004 be calculated at the official interest rate set by the government at that time.
The retirees further demanded that the union be represented on the 2024 Pension Act Review Committee.
CPUN said that it no longer wanted its representatives to be non-stakeholders.
As to the statement, “The union further requests that any entitlement owed to retirees under the CPS be discontinued, such as 2.5 percent that was prorated over a ten-year period. All overdue benefits ought to be given to the recipients directly.