PenCom engages Lagos, LASPEC on pension increments
The National Pension Commission has initiated high-level engagements with the Lagos State Government and the Lagos State Pension Commission over ongoing concerns surrounding the administration of benefits under the Contributory Pension Scheme, particularly the implementation of pension increments and approved wage awards. PenCom made this known in an official statement released on Monday,…
The National Pension Commission (PenCom) has engaged the Lagos State Government and the Lagos State Pension Commission (LASPEC) to address concerns over pension increments and wage awards under the Contributory Pension Scheme (CPS). This engagement follows demonstrations by retirees in Lagos, who are demanding the payment of overdue pension benefits and wage awards.
PenCom highlighted the complexity involved in implementing pension adjustments, including eligibility determination, actuarial calculations, and funding. Despite Lagos State's high compliance record under the CPS, the state government has yet to fully implement recent federal and state wage awards alongside pension adjustments, causing friction across several states.
The regulator assured that it is working closely with the state government, LASPEC, pension fund administrators (PFAs), and union representatives to find a sustainable resolution to the issue.
Brief written by urgent.news from Punch Nigeria's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
