The federal government would now be fully responsible for police pensions. The post Nigeria To Incur Additional N2tn Liabilities as Senate Passes Police Pension Board Bill appeared first on Arise News.
The Senate has passed the bill for the Establishment of a Police Pension Board, a move that would balloon federal government’s pension liabilities.
The CPS has a special feature of being funded by both the employee and the employer who make contribution of 18 per cent of the worker’s monthly pay to his Retirement Savings Account in order of minimum of 10 per cent contribution by the employer and eight per cent contribution by the employee of which the employer is mandated by the CPS law to remit the same every month.
Under the contributory scheme, employees and employers contribute towards pension but the government takes full responsibility under the defined scheme and this had led to irregular pension payments because of budgetary constraints for the federal government. The former Secretary to the Government of the Federation , Mr. Boss Mustapha, had written to the Inspector General of Police in January 2022, to reiterate that an SGF circular Ref. 59149/S.1/C.1/11/266 dated July 20, 2021 which said the police must be under the CPS remained in force.
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