Govt, Private Workers Get N250K as Pension After 60 Years Working: Here Are 20 States Without a CPSPAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed! The Pension Commission (PenCom) has revealed that 2,084 private and public workers have shared N519.51 million as retirement benefits from their pension account. The amount comes to about N250,000 for the workers both in the private and public sectors. PenCom disclosed this in its latest quarterly report published on its website and obtained by Ripples Nigeria. The money was given to the retirees since their Retirement Savings Account (RSA) balances were less than N550,000, which was deemed inadequate to get a suitable programmed withdrawal or retiree life annuity for their estimated life period. Recommended for you "Juju dey follow him oga footsteps": Israel DMW joins Davido to delete all... PAY ATTENTION: Join Legit.ng Telegram channel! Never miss important updates! A breakdown from the PenCom report shows 43 of the retirees worked for the government while 2,041 were from the private sector. The report also revealed that in three months family members of deceased private and government workers withdrew N13.3 billion from pension accounts. The withdrawal was made on 2,574 workers comprising 1,923 Public (FGN &State) and 651 private-sector employees/retirees. The report which covers pension activities from July to September also showed that 9,517 Nigerians who lost their jobs and are below 50 years withdrew N5.66bn. A report by The Punch indicates that at least 20 Nigerian states have not commenced the payment of pensions to retirees after opting to join the Contributory Pension Scheme (CPS). Recommended for you "Never look down on anyone": Netizens dig up old photo of Olumide Oworu wit... According to PenCom, seven states are at the bill formation stage to enable them to migrate from the old scheme to the CPS they are: Kwara Plateau Cross River Borno Akwa Ibom Bauchi Katsina. Five states have, however, opted for other pension schemes. They are: Jigawa Kano Yobe Gombe Zamfara. Meanwhile, the National Union Coalition of Aggrieved Pensioners in Benue has threatened to engage in massive protests that will shut down the state if the Samuel Ortom-led government fails to address the plight of its members. Recommended for you Finally, Peter Obi's lawyers begin inspection of 2023 presidential election... Only six months of the 33 months of arrears owing to pensioners in the state were inherited from the previous government, according to the union's head, Comrade Akosu Orban. Governor Ortom, through his spokesman Nathaniel Ikyur, responded by saying that his government had reached an agreement with the leadership of the union, which is also a part of the monthly local government joint account, and that his government had been releasing N700 million to pensioners in the state on a monthly basis. Source: Legit.ng After years of working, some government and private workers will be retiring with just N250,000 in their account Every month employer and the employee contribution towards the payment of the employee's pension at retirement To achieve this Contributory Pension (CPS) Schemes was established under the Pension Reform Act of 2004 but over 20 states are yet to implement PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed! Join Legit.ng Telegram channel! Never miss important updates!