ADVERTISEMENT
The Sun Nigeria
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
The Sun Nigeria
No Result
View All Result
Home National

EXCLUSIVE! Employees of 5 South-East States govt may lose retirement benefits

10th March 2021
in National
0
EXCLUSIVE!  Employees of 5 South-East States govt may lose retirement benefits
0
SHARES
134
VIEWS
Share on FacebookShare on Twitter

 

From Joseph Inokotong, Abuja

Employees of state government in the five South-East zone of Nigeria may be in for hard times after retirement because their respective state governments have not implemented fully the Contributory Pension Scheme (CPS).

This implies that on their retirement from service, the employees would not be able to get their entitlements due to the inability of their state governments to implement the CPS.

Information gleaned from the National Pension Commission (PenCom) shows that aside Anambra State that has implemented partly the CPS, four others – Abia, Ebonyi, Enugu and Imo States are yet to implement the scheme.

Records from the PenCom indicate that Anambra State government in 2013 enacted law on CPS and amended some sections of the law in 2014 and went ahead to register employees with Pension Fund Administrators (PFAs), remitting 10 per cent employer and 5 per cent employee contributions.

The State also “remitted employer pension contributions up to December 2017 and remitted employee pension contribution up to August 2020 for State employees. It “remitted employee and employer pension contributions up to August 2018 for Local Government employees; conducted Actuarial Valuation and opened Retirement Benefits Bond Redemption Fund Account with a PFA, for Local Government employees in line with the State Law”.

However, document from PenCom shows “irregular funding of Accrued Pension Rights for Local Government employees; yet to establish Pension Bureau (implementation being driven by Office of the Head of Service & Joint Account Allocation Committee)”.

It also indicates that Anambra State is “yet to open Retirement Benefits Bond Redemption Fund Account for State employees; yet to commence funding of Accrued Pension Rights for State Employees”, and has “no Group Life Insurance Policy”.

On the other hand, the PenCom record shows that Abia State government enacted Law on CPS in 2017 but it’s yet to establish Pension Bureau; yet to register State Employees with PFAs; yet to commence remittance of Pension Contributions and yet to conduct Actuarial Valuation.

The state government is “yet to open Retirement Benefits Bond Redemption Fund Account, yet to commence funding of Accrued Pension Rights and has “no Group Life Insurance Policy”.

In Ebonyi State, the government “enacted Law on CPS in 2017 (amended the Law and forwarded to the Commission and the Commission communicated its observations on the Law to the State)”.

The State is “yet to establish Pension Bureau; yet to register Employees with PFAs; yet to commence remittance of Pension Contributions; yet to conduct Actuarial Valuation; yet to open Retirement Benefits Bond Redemption Fund Account; yet to commence funding of Accrued Pension Rights” and has “no Group Life Insurance Policy”.

The PenCom document shows that Enugu State government “enacted Law on CPS in 2014; yet to establish Pension Bureau; yet to register State Employees; yet to commence remittance of Pension Contributions; yet to conduct Actuarial Valuation; yet to open Retirement Benefits Bond Redemption Fund Account; yet to commence funding of Accrued Pension Rights” and has “no Group Life Insurance Policy”.

The Imo State government, from the PenCom record “enacted Law on CPS in 2008; yet to establish Pension Bureau; yet to register Employees with PFAs; yet to commence remittance of Pension Contributions; yet to conduct Actuarial Valuation; yet to open Retirement Benefits Bond Redemption Fund Account; yet to commence funding of Accrued Pension Rights”, and has “no Group Life Insurance Policy”.

Analysts say if the trend is not reserved and the five South-East State governments do the needful by implementing the CPS, workers on their retirement may face difficult times as they may not be able access their retirement benefits.

Tags: benefitsemployeesGovtloseMayretirementSouth-Eaststates
Cyril

Cyril

Related Posts

Ugwuanyi inaugurates committee on govt property’s status
National

NEPZA, NOTAP, others hail Ugwuanyi at unveiling of Lion Business Park

14th April 2021
No peace in sight at Bida poly, ASUP tells FG
Cover

Poly strike: FG invites ASUP to 2 separate meetings

14th April 2021
Security agents foil attempt to smuggle 24 women into Abia
National

Some of IPOB’s grievances valid –Ikpeazu

14th April 2021
Next Post
COVID-19: Dr. Cyprian Ngong gets first vaccine as FG flags off vaccination 

COVID-19: FG moves to partner Nile university on vaccine production

Man bags 3 years jail for defrauding 2 accommodation seekers

Court remands man over alleged rape of 10-year-old

NIMET inaugurates weather observation station at Kaduna varsity

NIMET inaugurates weather observation station at Kaduna varsity

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Highlights

IPOB rubbishes Ebubeagu, declares ESN as only Igbo security outfit

… Youths hail new joint outfit as Uwazuruike brands ESN social media network

COVID-19: Nigeria, France bilateral trade shrank to $2.3bn due to pandemic

Nigeria records 3,491 cases of SGBV in one year –FG

Anambra guber: We’ll be guided by recent judicial decisions –PDP

…Nigeria’ll soon overcome problem, says RCCG General Overseer

Trending

Ugwuanyi inaugurates committee on govt property’s status
National

NEPZA, NOTAP, others hail Ugwuanyi at unveiling of Lion Business Park

14th April 2021
0

Stakeholders in the investment and business promotion sector have commended Governor Ifeanyi Ugwuanyi for providing a conducive...

No peace in sight at Bida poly, ASUP tells FG

Poly strike: FG invites ASUP to 2 separate meetings

14th April 2021
Security agents foil attempt to smuggle 24 women into Abia

Some of IPOB’s grievances valid –Ikpeazu

14th April 2021
IPOB rubbishes Ebubeagu, declares ESN as only Igbo security outfit

IPOB rubbishes Ebubeagu, declares ESN as only Igbo security outfit

14th April 2021
Soldiers burn down BIM-MASSOB secretariat in Imo

… Youths hail new joint outfit as Uwazuruike brands ESN social media network

14th April 2021

Follow us on social media:

Categories

  • Abuja Metro
  • Arts
  • Broken Tongues
  • Business
  • Business Week
  • Cartoons
  • Citizen Joe
  • Columns
  • Cover
  • Culture
  • Duro Onabule
  • Editorial
  • Education Review
  • Effect
  • Elections
  • Entertainment
  • Events
  • Features
  • Femi Adesina
  • Food & Drinks
  • Frank Talk
  • Funke Egbemode
  • Gallery
  • Global Square by Kenneth Okonkwo
  • Health
  • Insights
  • Kalu Leadership Series
  • Kunle Solaja
  • Kunle Solaja
  • Letters
  • Lifeline
  • Lifestyle
  • Literary Review
  • Marketing Matters
  • Muiz Banire
  • National
  • News
  • Offside Musings
  • Opinion
  • oriental news
  • Politics
  • Press Release
  • PressClips
  • Public Sphere
  • Ralph Egbu
  • Shola Oshunkeye
  • Sideview
  • South-west Magazine
  • Sponsored Post
  • Sporting Sun
  • Sports
  • Sun Girl
  • Tea Time
  • The Flipside – Eric Osagie
  • The Sun Awards Live
  • The Sun TV
  • Thoughts & Talks
  • Time Out
  • Today's cover
  • Tola Adeniyi
  • Travel
  • Travel & Tourism
  • Trending
  • TSWeekend
  • Turf Game
  • Uncategorized
  • Updates
  • Views from Abroad
  • Voices
  • World
  • World News
  • Home
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun

© 2019 The Sun Nigeria - Managed by Netsera.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist