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Like Police, Retired Paramilitary Officers want out of the Contributory Pension Scheme (CPS)

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House of Representatives

Retired paramilitary officers in a statement issued under the National Association of Retired Paramilitary Officers in Abuja, ahead of their participation in the public hearing on the bill to amend the Pension Reform Act 2014 made an appeal to the lawmakers to exempt them from the CPS just as other officers have been considered in the review of the Pension Reform Act (PRA) 2014 known.

The Bill, which was initially introduced in 2017 by Oluwole Oke (PDP, Osun), proposes to alter the Pension Reform Act to exempt the Nigeria Police Force from the contributory pension scheme.

According to the Bill, a retiree will receive at least 75% of his or her retirement benefits upon retirement, while it also criminalizes any undue delay in the payment of a retiree pension.

If approved into law, lawmakers claimed the law would secure fair remuneration for the retirees as well as improve their wellbeing.

It also claimed that retirees who had only a few years to retire before the CPS came into effect 2004 lost a lot more money.

“The CPS may be beneficial if affected individuals have a sufficient number of years until retirement to do so, but it is not for people who are about to retire.” The circular from the office of the Head of Service of the Civil Service of the Federation only exempted people who had three years till retirement from being enrolled in the plan when it was implemented in June 2004.

“In comparison to their colleagues in the Defined Benefit Pension Scheme, who earn 80% of their monthly wage while in the service as their monthly pension, CPS retirees receive little or no monthly pension.” “Retirees on CPS earn peanuts as a monthly pension, significantly less than 20% of their monthly wage while in the service,” it stated.

While thanking the House of Representatives for starting the process of withdrawing the police force from the contributory pension scheme, the association urged that the paramilitary services be included in the process for the sake of justice, equity, and fairness.

Source


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