President Bola Tinubu has ordered the implementation of the long-awaited pension increase for retirees
President Bola Tinubu has ordered the implementation of the long-awaited pension increase and the rollout of free healthcare for low-income retirees under the Contributory Pension Scheme (CPS).
He gave the directive during a briefing from the Director General of the National Pension Commission (PenCom), Omolola Oloworaran.
The President approved that an average pension increase of ₦32,000 be applied, with a minimum pension guarantee put in place to support the most vulnerable pensioners.
He stressed the need for immediate action to ease the financial pressure on retirees facing rising living costs.
Tinubu also directed PenCom to urgently resolve the long-standing police pension issue, stating that those who served the country in uniform must be able to retire with dignity and peace of mind.
During the meeting, the PenCom DG shared updates on efforts to protect pension assets from inflation and economic instability.
She also introduced a plan to allow Nigerians in the diaspora to contribute to the pension scheme using foreign currency.
The President welcomed the reforms, restating his government’s goal of supporting inclusive welfare policies for all Nigerians, especially the elderly and vulnerable.
COURTESY: dockyardsworld
