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1 December 2021

Retirees increase by 27%, collect N890bn from govts, private sector

The total number of retirees under the Contributory Pension Scheme has risen by 27 per cent in two years, data obtained by our correspondent have shown. Specifically, the total number of retirees rose from 291,569 in June 2019 to 370,839 in June 2021. This also means that the CPS has produced 370,839 retirees since its inception.

The total number of retirees under the Contributory Pension Scheme has risen by 27 per cent in two years, data obtained by our correspondent have shown. Specifically, the total number of retirees rose from 291,569 in June 2019 to 370,839 in June 2021. This also means that the CPS has produced 370,839 retirees since its inception. Within the two-year period, the total lump sum payment to retirees grew by 32 per cent from N671.33bn to N890.73bn. The data, obtained from the National Pension Commission showed that N890.73bn lump sum was paid to retirees from the private and public sectors, asides from their monthly stipends. Total number of retirees had risen from 291,569 in June 2019 to 325,315 in June 2020, representing 11 per cent increase. Also, the total lump sum payment grew from N671.33bn in June 2019 to N759.38bn in June 2020, indicating 13 per cent growth. - The Punch page 21