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Chuks Udo Okonta
The National Pension Commission (PenCom) has introduced Pension Boost, an initiative that has led to an increase of monthly pension payment under the Contributory pension Scheme (CPS) from N8.3 billion to N11.9 billion.
The Director-General of PenCom Ms Omolola Oloworaran, disclosed this today at the second quarter PenCom press conference in Lagos, adding that the pension boost would enable retirees under the programmed withdrawal pension benefit package to received pension enhancements this month of June 2025.
“We are introducing Pension Boost 1.0. Effect June 2025, total monthly pension payment under the Contributory pension Scheme (CPS) will increase from N8.3 billion to N11.9 billion, directly benefiting over 233,000 retirees depending their pension account balances.
“The rise is driven by our new modified standard pension enhancement template, a structured transparent mechanism to adjust pension as invest return increases and this is just the beginning, she submitted.
She said retirees under annuity would not enjoy the enhancement as they are out of the contributory pension scheme.
On payment of accrued pension rights, she noted that retirees under the Federal Government Treasury-Funded MDAs, have been paid up to March 2025, adding that with the floating of bonds by the government to clear N750 billion pension liabilities, the end of pension arrears is very near.
