President Bola Tinubu on Tuesday unveiled a N52,500 monthly minimum pension guarantee for 173,209 eligible retirees under the Contributory Pension Scheme, ending a 22-year delay in implementing the provision of the Pension Reform Act.
The President also inaugurated the Pension Industry Healthcare Plan for Retirees, known as PenCare, to provide free essential healthcare services to low-income pensioners.
Tinubu, who was represented by Senate President Godswill Akpabio, announced the initiatives during the Presidential Pension Security Initiatives ceremony at the State House Banquet Hall, Abuja.
Declaring the minimum pension guarantee operational, he said, “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.”
The President explained that the guarantee, first provided for under the Pension Reform Act of 2004 and retained in the 2014 legislation, had remained unimplemented despite successive administrations.
“From this day,
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