President Bola Tinubu has unveiled a ₦52,500 monthly minimum pension guarantee for 173,209 eligible retirees under the Contributory Pension Scheme (CPS). This ends a 22-year delay in implementing the provision of the Pension Reform Act, and Nigerians have been reacting.
Announcing the initiatives at the Presidential Pension Security Initiatives ceremony held at the State House Banquet Hall, Abuja, Tinubu also inaugurated the Pension Industry Healthcare Plan for Retirees, known as PenCare, designed to provide free essential healthcare services to low-income pensioners.
He added that PenCare would protect vulnerable retirees from medical expenses capable of depleting their pension savings.
His words, “By the authority vested in me as President, Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, I hereby declare the Minimum Pension Guarantee Scheme commenced.
From this day, there is a floor beneath the Nigerian retiree. No one who contributed under the Contributory Pension Scheme will ever be allowed to fall below.
PenCare gives our low-income retirees access to essential healthcare without charge.”
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