From Paul Osuyi, Asaba
Delta State Government has admitted that the increasing number of retirees in the state has become a source of concern as funds to offset retirement benefits are not available.
Head of Service, Mr. Reginald Bayoko expressed this concern while presenting payment schedules to Pensions Funds Administrators (PFAs) for the settlement of 54 retirees.
He said the state government has disbursed N550 million to offset the retirement benefits of 100 retirees this year, assuring that the administration will continue to sustain the monthly release of fund to the Retirement Savings Account (RSA).
Bayoko observed that the challenge facing the contribution pension scheme is the rising number of retirees on the waiting list of payment, adding that “their pains, anguish, disappointment and forlorn hope have become a strong challenge that must be surmounted if any meaningful gain is to be made out of the scheme in the long run.
“The state government, in response to this challenge did promise and had consistently released funds for the settlement of retirement benefits since January 2017. So far, about 100 retirees have been settled with N550 million since the beginning of the year.
“This unwavering commitment is couple with the fact that counterpart contributions for workers are being religiously remitted on monthly basis into their RSA, making Delta State one of the most up-to-date states in the payment of pension entitlements.”