President Tinubu just signed off on 758 billion naira to finally clear old pension debts. The National Pension Commission boss, Omolola Oloworaran, dropped the news at a Lagos summit. PenCom also forced a ton more cash from sketchy employers, with recoveries jumping 180 percent in a year.
The payment wiped out arrears for federal retirees dating back to 2007. A new program called Pension Boost 1.0 added billions to monthly payouts. The agency linked compliance to a required clearance certificate, which made recoveries shoot up to over four billion naira. Issuance of those certificates also saw a huge spike.
Other moves included raising capital rules for pension fund managers to cut shady dealings. They rebranded the micro pension plan as the Personal Pension Plan to pull in informal workers. A new healthcare initiative for low-income retirees called PenCare launched, too. The director general called it an irreversible shift toward a trustworthy system.
The payment wiped out arrears for federal retirees dating back to 2007. A new program called Pension Boost 1.0 added billions to monthly payouts. The agency linked compliance to a required clearance certificate, which made recoveries shoot up to over four billion naira. Issuance of those certificates also saw a huge spike.
Other moves included raising capital rules for pension fund managers to cut shady dealings. They rebranded the micro pension plan as the Personal Pension Plan to pull in informal workers. A new healthcare initiative for low-income retirees called PenCare launched, too. The director general called it an irreversible shift toward a trustworthy system.
