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   Market Date: 31-10-2014   
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Niger deposits N1.4bn retirement bond with CBN

Category: Nigeria Economy


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Niger deposits N1.4bn retirement bond with CBN

 

 
The Niger State Government has deposited N1.4bn with the Central Bank of Nigeria to take care of the retirement benefits of workers in the state.
 
Our correspondent gathered that the deposit is to take care of retirement benefits of workers who migrated from the old pension scheme to the new contributory pension scheme.
 
The Director-General of the state pension board, Alhaji Mahmud Bello, who disclosed this in an interview with our correspondent in Minna, the Niger State capital on Wednesday, explained that the money would be used to settle the gratuities and terminal pension benefits of civil servants who were entitled to retirement benefits under the old pay-as-you-go pension scheme.
 
He disclosed that he was directed by the state government to lodge the money, called retirement bond fund in a CBN account from which no withdrawal would be permitted except for the purpose for which it was meant.
 
Allaying the fears of civil servants, he said the new contributory pension scheme provided that workers enjoyed pension benefits for the years that they had spent on the old pension scheme.
 
He said once the benefits due to affected workers had been determined, they would be given a bond certificate indicating that the state government would pay them the monetary value on the face of the certificate for the number of years that they had served under the pay as you go system.
 
According to him, “This money would be paid into the retirement benefit banking account of the affected worker when he presents his retirement notification.”
 
(Source:Punch)


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