Older people who used to work for the government in Anambra, Ebonyi, and Enugu States are very upset. They are not getting their pension money on time. They are asking the leaders of the country to fix the slow and complicated way their pensions are paid. This slow process is making life hard for retired workers all over Nigeria.
The News Agency of Nigeria asked many of these retired people how they felt. And many said they are very unhappy because they have to wait a long time to get their pension money. Some have even waited for two years after they stopped working.
Some of them have only received part of the money they were promised, like half or a quarter. This is happening even though they saved money for this while they were still working.
The Retirees’ Struggle
One retiree, Mr. Julius Okafor, stopped working in 2022. He says he hasn’t received the money he deserves every month, or the big payment he was promised.
“I’ve given all the papers I need to, but still no money. My friends and family are helping me, but it’s sad because older people like me shouldn’t have to live like this,” he said sadly.
- “I worked for my country for 35 years, and now I don’t have enough to buy food and other needs,” Mr. Okafor said. He wants the leaders to make the pension process faster and less complicated.
- Another retired person, Mr. Emmanuel Nwaiwu, who retired in 2024, wants the government to make a system that pays retirees quickly. He suggests that those who retire should immediately get the big sum they saved, followed by regular monthly payments.
- He says the number of retirees is growing, and this makes the pay delay even worse.
Fixing the Pension System (PENCOM)
Some people in Ebonyi think it’s time to fix the National Pension Commission (PENCOM) entirely. They believe doing this will improve how pensions are managed and stop the long delays.
Dr. Mathew Odono, a retired leader from the National Orientation Agency in Ebonyi, says the current situation is very worrying. He retired in March 2024 but hasn’t received any pension payments yet.
“I stopped working in March 2024, and now it’s upsetting that I haven’t seen a penny of my pension. We have completed everything needed for it, but we’ve got nothing,” he explained.
- Mrs. Happiness Okonkwo, a lawyer, agrees that the pension office needs big changes. She wants the rules around pensions to be re-examined to make life better for retired workers.
- She is saddened by how pensions are being handled. She says it’s not fair to keep a person’s savings away from them after they’ve worked loyally for 35 years.
Why is There a Delay?
Dr. Arinze Udechukwu, who works with a pension company (Leadway Pension), explains that the government is not sending the pension money fast enough to the companies that manage it.
- He says the Pension Act lets retirees get their pension as a large sum of money once, then the rest in smaller, regular payments every month.
- Udechukwu advises government workers to join pension plans that help them know how to save and invest their money responsibly. It can help secure their money for the future.
- He also says workers should learn some skills or trades while they are still working. It’s tough to start learning something new after retiring.
- A lawyer named Mr. Julius Ezema says the government should force pension companies to start preparing pension payments six months before someone retires. This would help to make sure the payments are on time.
Mr. Ezema points out that if pension payments arrived on time, retirees wouldn’t have to suffer. Many older people face big money problems, and some even die while waiting for their pension money.
Things You Should Know
- Back in 2004, Nigeria’s government created a law called the Pensions Reform Act. This was to bring in a new way of saving money for retirement called the Contributory Pension Scheme.
- This law made it necessary for employers and workers, in both government and private companies, to save money for retirement together.
- Since this law came into place, Nigeria has had some problems with the pension process. These include not enough funds, poor management, not many people knowing about it, and weak rules.