PenCom Announce Major Pension Reforms, Launch Health Support for Retirees
The Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, don highlight several major reforms wey don improve Nigeria’s pension system, including better retirement benefits and a new healthcare support programme for pensioners.
According to Oloworaran, one of the biggest achievements na the ₦758 billion intervention bond wey clear outstanding pension liabilities wey accumulate for more than 20 years.
Retirees Don Receive Pension Increase
She also revealed say retirees under the Contributory Pension Scheme (CPS) don benefit from a landmark pension increase aimed at improving their standard of living.
For pensioners under the Nigeria Social Insurance Trust Fund (NSITF), PenCom carried out the first pension review in 21 years, with some retirees receiving increases of more than 1,000 percent, according to the Commission.
New Benefits for Civil Servants
The PenCom boss further announced the introduction of a new end-of-service benefit scheme for employees of Treasury-funded Ministries, Departments and Agencies (MDAs) to strengthen retirement benefits for public servants.
She also highlighted the launch of the Minimum Pension Guarantee, designed to ensure better income security for retirees under the pension system.
Healthcare Support Coming Soon
Another major reform announced by PenCom is the PenCare Health Initiative, a programme expected to begin within the next three months.
According to Oloworaran, the initiative will provide healthcare support for retirees in addition to their monthly pensions, helping to improve their welfare after retirement.
She said the reforms reflect PenCom’s commitment to strengthening Nigeria’s pension system and ensuring better financial security and wellbeing for retired workers.
