Delta Offsets 100 Retirees Payment Benefits With N550m

The Delta State Government has disturbed a total of N550 million to
offset the retirement benefits of 100 retirees of 2016.

Mr. Reginal Bayoko, the State Head of Service (HOS) told journalists
in Asaba yesterday while presenting payment schedules to Pension Fund
Administrators (PFAS) for the settlement of 54 retirees.

He said that the payment was made to the retirees in fulfillment of
Governor Ifeanyi Okowa’s electioneering promises for Deltans.

Mr. Bayoko assured that Okowa led administration will continue to
sustain the monthly release of Funds to the Retirement Savings Account
(FRSA), irrespective of economic situations, adding that the steepest
challenge facing the contributing pension scheme informed number of
retirees on the waiting list of payment.

“Their pains, anguish, disappointments 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 Head of Service added.

Bayoko said government is not aware of the increasing dominance of the
pension industry as well as its potential of becoming a major catalyst
for socio-economic growth adding, “At the moment our assets under
management is an excess of N5 trillion with only about 27 percent of
its potentials tapped”. ELANZANEWS.M

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