Tinubu unveils N52,500 minimum pension for 173,209 retirees
President Bola Tinubu has unveiled a N52,500 monthly minimum pension guarantee for 173,209 eligible retirees under the Contributory Pension Scheme. Read More: https://punchng.com/tinubu-unveils-n52500-minimum-pension-for-173209-retirees/
President Bola Tinubu announced a new minimum pension guarantee of N52,500 per month for 173,209 eligible retirees in Nigeria on Tuesday. This provision, initially outlined in the Pension Reform Act of 2004 and retained in the Pension Reform Act of 2014, had been unimplemented for 22 years. The President inaugurated the Pension Industry Healthcare Plan for Retirees, or PenCare, which will offer free essential healthcare services to low-income pensioners.
Tinubu, assisted by Senate President Godswill Akpabio, made the announcement during the Presidential Pension Security Initiatives ceremony at the State House Banquet Hall in Abuja. He declared the minimum pension guarantee to be operational, asserting that "there is a floor beneath the Nigerian retiree" and urging future administrations to maintain and increase this floor.
The PenCare initiative aims to protect vulnerable retirees from medical expenses that could deplete their pension savings.
Written by urgent.news from Punch Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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