PenCom Launches PenCare Initiative for Retirees' Health Support

The federal government has expanded retirement support with the launch of the PenCare Health Initiative, following the clearance of N758 billion in outstanding pension liabilities, as stated by Ms. Omolola Oloworaran, director-general of the National Pension Commission (PenCom). This announcement was made on Tuesday in Abuja during the Senior Citizens Day of the inaugural National Pension Week, themed “Pension for All: Building a Secure Future Together.” Oloworaran highlighted that retirees under the Contributory Pension Scheme now receive their benefits within 48 hours of retirement, provided their documentation is complete.

She noted that previously, retirees waited almost two years for their entitlements. The government, under President Bola Ahmed Tinubu, approved nearly a trillion naira to address pension backlogs, including unpaid arrears from nearly 20 years.

In addition to the PenCare initiative, which aims to provide health insurance for low-income retirees, PenCom will also implement a Minimum Pension Guarantee.