Retirees under the Contributory Pension scheme have urged the National Assembly to capture their interests in the ongoing Pension Reform Act 2014 (Amendment) bill, 2022.

This is contained in a statement signed by Mr Jude Owuamanam, the Interim Coordinator of the National Association of PenCom Retirees, the umbrella body of the retirees under the scheme.

The statement was made available to newsmen in Owerri, on Sunday,

The new bill, due for second reading, seeks to make funds in the contributory pension scheme more accessible to pensioners, by increasing the lump sum payment from 25 to 75 per cent.

The bill was sponsored by Sen. Aliyu Wamako, representing Sokoto North, under the ruling All Progressives Congress (APC).

Owuamanam said that it would be in the best interests of retirees for those who were paid only 25 per cent when they retired, to be included in the proposed 75 per cent lump sum payment.

According to him, the 25 per cent lump sum payment could barely solve the basic needs of the retirees.

“When some us retired, our entire contributions was so small that the 25 per cent lump sum payment could not meet our basic needs, after retirement.

“Again the monthly payment can hardly last for a few days. But, if we get enough in lump sum payment, we can deploy to starting some business or addressing any other use.

“ We are, therefore, pleading that we be accommodated in the new bill, the amendment of which would soon be passed “, he said.