President Bola Tinubu’s administration says it has cleared inherited federal pension obligations and cut the time required to process retirement benefits from as long as 21 months to 48 hours.

The changes are part of reforms overseen by the National Pension Commission (PenCom), including its Zero Waiting Time policy, which is intended to speed up retirees’ transition from active service to retirement.

Under the Contributory Pension Scheme, eligible retirees will receive a minimum monthly benefit of ₦52,500, replacing the low payments on which many vulnerable pensioners previously relied.

Low-income retirees will also be able to access essential healthcare through PenCare, a scheme funded by the pension industry.

The reforms also include measures to strengthen regulatory oversight, build industry capacity and improve the administration of retirement benefits.

ASA