The disparity in payment of 2.5 per cent outstanding pension savings to old pensioners under the Pension Transitional Arrangement Directorate (PTAD) and pensioners under the Contributory Pension Scheme, CPS has been rejected.
Pensioners, under the aegis of Association of Federal Contributory Scheme Pensioners, (AFCSP) Oyo State Chapter who kicked against it on Monday in a statement noted that the National Pension Commission, PenCom, has not been fair in distributing the money.
According to them while PTAD pensioners are paid directly into their bank accounts, CPS pensioners are paid in bits.
The Association stated: “This 2.5% is reluctantly being paid to us by PenCom since July 2021 when President Muhammadu Buhari approved the release of funds, despite claiming that they were fighting on our behalf.
“In juxtaposition with those old pensioners being paid under PTAD, it is evident that no matter the amounts these category of pensioners are entitled to, they are paid directly into their bank accounts. What is good for the goose is also good for the gander.’’
President Muhammadu Buhari, in July last year, approved PenCom’s submission on the payment of some critical aspects of the outstanding pension liabilities of the Federal Government which include payment of 2.5 per cent differential in the employer pension contribution for FGN retirees and employees which resulted from the increase in the minimum pension contribution for employers from 7.5% to 10% in line with Section 4(1) of the Pension Reform Act, PRA 2014.
