FG pays N1.1bn exit bonus to retirees

FG pays N1.1bn exit bonus to retirees

The Federal government has began the price of additional go out advantages, AEB, to retirees of Treasury-funded Ministries, Departments and groups, MDAs, with approximately N1.1 billion already paid to one hundred seventy five retirees who exited the Federal Public service between 1 January and 31 August 2026.

The charge is being made under the Federal government go out advantage Scheme, EBS, authorized by the Federal executive Council and effective from 1 January 2026.

The country wide Pension fee, PenCom, which made this acknowledged in a statement, informed that the Scheme offers a further economic benefit to Federal authorities employees at retirement, along their pension advantages below the Contributory Pension Scheme, CPS.

under the Scheme, Federal Civil Servants who’ve served for at the least 10 years are entitled to an exit benefit equivalent to 100 in step with cent in their overall annual emolument.

The commencement of price marks “yet another watershed moment for the CPS as efforts are intensified at delivering more benefits to retirees past what they’ve collected of their Retirement deposit money owed in the course of their service period.

“it is noteworthy that the FGN has led the method in providing extra benefits to its retirees, that is worthy of replication by means of different employers.”

In making sure the easy implementation of the extra exit benefits Scheme, the 2026 Appropriation provided the sum of N32.ninety billion. thus far, the Federal authorities has launched N12.3 billion into the dedicated exit gain Scheme Account maintained with the Central bank of Nigeria, CBN.

according to the announcement: “The national Pension fee, PenCom, is helping the implementation of the Scheme by means of operating with the workplace of the top of the Civil carrier of the Federation, OHCSF, the office of the Accountant fashionable of the Federation, OAGF, Pension Fund administrators, PFAs, and other stakeholders to facilitate the processing and payment of the benefits.”

The manner is designed to make it easier for retirees to get right of entry to their go out benefits while making sure that payments are properly established.

Retirees are required to provide the necessary archives, such as their clearance letter and recent payslips, to their Pension Fund directors. The PFA verifies the retiree’s facts and forwards the facts to PenCom for further validation and approval.

once the price is accepted, “the go out gain is credited to the retiree’s Retirement deposit Account (RSA) thru the PFA, after which the PFA transfers the whole amount to the retiree’s exact income financial institution account.

“It must be emphasised that this is an additional fee, present along the same old blessings drawn through the retirees from their RSA balances.

“The Federal authorities’s decision to introduce the Scheme gives retiring Federal Civil Servants with additional monetary help at a big factor of their lives and reinforces the significance of making sure that people have enough assets after they leave active provider.

“The maiden price of N1.1 billion to one hundred seventy five retirees demonstrates that the extra exit advantages Scheme for FGN retirees has officially began. consequently, all next FGN retirees of Treasury-Funded MDAs are eligible to be paid the extra exit benefit of 100 percent of total annual emolument at retirement.

“certainly, this could go some distance in improving the financial fame of public service retirees who’ve given their nice in service to the nation.”