Press Release – PTAD Clears 33% Pension Increment Arrears of Nigerian Railway Corporation Pensioners
In fulfillment of President Muhammadu Buhari’s promise to clear outstanding pension arrears for pensioners under the Defined Benefit Scheme, the Pension Transitional Arrangement Directorate (PTAD) has paid the sum of N375,936,732.49 (Three Hundred and Seventy Five Million, Nine Hundred and Thirty Six Thousand, Seven Hundred and Thirty Two Naira Forty Nine Kobo) to 13,754 pensioners of Nigeria Railway Corporation (NRC).
The payment was the final installment of the 30 months arrears of the 33% pension increment that was confirmed by the management of NRC.
It would be recalled that PTAD inherited outstanding 33% pension increment liabilities from various agencies at the time of its takeover of payment of Parastatals pension in 2015.
The Executive Secretary, Sharon Ikeazor stated that the Directorate had inherited 30 months arrears of 33% as at June 2015. However, between 2016 and 2018, 24 months arrears was paid to the pensioners of the Corporation leaving an outstanding balance of 6 months as at December 2018. With the latest payment, PTAD has settled fully the 33% arrears of NRC.
She assured other agencies that all arrears will be paid after the completion of Parastatals Pension Department (PaPD) verification exercise later in the year.