The National Pension Commission (PenCom) has revealed that the families of 1,209 dead private and government employees have received death payments totaling N6.17 billion.
PenCom disclosed this in its second-quarter 2021 reports published on its website and obtained by Ripples Nigeria on Thursday.
Although the report noted that the death benefit payment is exclusive of Group Life Insurance.
According to PenCom, the payments were made to former employees of 835 public sector personnel from both the federal and state levels, as well as 374 private sector employees/retirees.
Also, the report showed that the PenCom granted approval to 1,708 retirees under the Retiree Life Annuity during the quarter under review.
“A total lump sum of N4,586.16 million was approved for payment to the retirees, while the sum of N12,346.89 million was approved for payment to 14 Retiree Life Annuity Providers as premium in return for total monthly/quarterly annuities of N122.46 million,” the report added.
In addition, PenCom revealed that a total of N74.08 billion was given out in retirement benefits in the second quarter of 2021.
This was higher than the retirement benefits of N67.41 billion paid in Q1 2021 by a difference of N6.68 billion, representing 89 percent,” the report stated.
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