“PENSION BOOST FOR POLICE OFFICERS: PENCOM PUSHES FOR 20% CONTRIBUTION”
GREATRIBUNETVNEWS–THE National Pension Commission (PenCom) is advocating for a significant increase in pension contributions for police officers, from 10% to 20%. This move aims to substantially boost the retirement savings of officers, acknowledging their critical role in maintaining national security.
Key Highlights:
– Enhanced Retirement Benefits: The proposed increase would provide police officers with a more secure financial future, recognizing their sacrifices and dedication to public service.
– New Gratuity Scheme: PenCom is working with the Head of the Civil Service of the Federation to introduce a new Gratuity Scheme, set to launch in 2026. This scheme will provide federal workers with one year of total emoluments as a gratuity at retirement.
– Collaboration for Financial Security: The initiative underscores PenCom’s commitment to ensuring federal employees have a secure financial cushion at retirement, following a high-level meeting between PenCom’s Director-General and the Head of Service .
Impact on Police Officers:
– Improved Financial Stability: The increased pension contribution would provide police officers with greater financial stability and security in retirement.
– Recognition of Service: The move acknowledges the critical role police officers play in maintaining national security and upholding law and order.
– Boost to Retirement Savings: The proposed increase would substantially boost the retirement savings of police officers, enabling them to maintain a decent standard of living after retirement .
In a statement, she said PenCom is proposing a Health Insurance Scheme for retirees, raising monthly pensions to 75% of a police officer’s final salary before retirement, expanding the Retirement Resettlement Fund, and overhauling the police pension structure.
Expressing gratitude to the Nigeria Police Force (NPF) for its tireless service to the nation, Ms Oloworaran emphasized the need for stronger collaboration between PenCom and the Police to address pension concerns and improve retirement benefits for officers.
She told the officers that the CPS was introduced to correct flaws in the old Defined Benefits Scheme (DBS), which was unfunded, lacked transparency and often left many retirees in financial distress.
PenCom, on its part, pledged to keep driving reforms to ensure that police officers retire with dignity and financial security.
Responding, IGP Egbetokun praised PenCom’s efforts and reaffirmed the Police Force’s readiness to work with PenCom to resolve police pension concerns.
He acknowledged the challenges police officers have raised and expressed his commitment to engaging constructively to maintain confidence.
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