PTAD pays N13.87bn pension arrears to 18,822 retirees

The Pension Transitional Arrangement Directorate (PTAD) has disbursed N13.87bn in outstanding pension increment arrears to 18,822 retirees under the Defined Benefit Scheme. The payments were made to beneficiaries of the defunct Power Holding Company of Nigeria and five other government-linked organisations, covering arrears accumulated over more than five years.

The pension increases of 13.8 per cent and 20.55 per cent were approved by the National Salaries, Incomes and Wages Commission. The payments accounted for N9.42bn for PHCN beneficiaries and N4.46bn for other pensioners, with an average payment of approximately N389,800 per beneficiary.

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