Business/Economy

Jigawa releases N1.2bn to 725 retirees

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31 Aug 2021 9:51 AM GMT
Jigawa releases N1.2bn to 725 retirees
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The Jigawa Government on Tuesday said it had released over N1.2 billion  to various classes of workers who had been into the Contributory Pension Scheme from July to August. Alhaji Hashimu Fagam, the Executive Secretary, Jigawa State and Local Governments Contributory Pension Scheme Board, made this known at a news conference in Dutse. Supreme reports […]

The Jigawa Government on Tuesday said it had released over N1.2 billion to various classes of workers who had been into the Contributory Pension Scheme from July to August. Alhaji Hashimu Fagam, the Executive Secretary, Jigawa State and Local Governments Contributory Pension Scheme Board, made this known at a news conference in Dutse.

Supreme reports that, of the N1.2 billion, N872.7 million was paid as retirement benefits while N295.7 million was paid as death benefits. Also, N51.3 million was paid as death pension balance, while N2.7 million was paid as refund of eight per cent contribution. Fagam said that the categories of beneficiaries ranged from those who fell under the retirement benefit, death benefit and death pension balance. Others fell under refund of eight per cent contribution.

According to him, the state government, under the scheme, is currently contributing 17 per cent for each staff, whether from the state, the Local Government or Local Government Education Authority, while each person is contributing eight per cent.

Giving the breakdown for the month of July, the executive secretary, said a total of N420,694,019.04 was released to 192 retirees from the state as retirement benefit.

Similarly, a total of N180,584,621,.02 was released to 148 retirees from the local governments as their retirement benefit, while N217,512,075.78 was paid to 194 retirees from local government education authority.

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