The Federal Government says it has released N14.92 billion for the payment of accrued rights for retirees under the Contributory Pension Scheme.
The National Pension Commission Head of Corporate Communication, Mr. Peter Aghahowa, made this known in a statement in Abuja on Monday.
The amount according to the statement will cover four months’ arrears.
He said that the accrued pension rights represent an employee’s benefits for the past years of service up to June 2004, when the Pension Reform Act that birthed the CPS, came into effect.
Aghahowa said that the Commission commends the efforts of the federal government for ensuring that the accrued rights arrears were cleared.
He also thanked the affected retirees of the Treasury-Funded Agencies for their patience.