Current news about nitel pension payment

Here are some current news articles and updates about NITEL Pension Payment:

Latest Update (March 2023)

The Nigerian Telecommunications Limited (NITEL) Pension Scheme has announced that it has paid out N1.4 billion to 1,444 retirees in the first quarter of 2023. This brings the total amount paid out by the scheme since its inception to N14.4 billion. The scheme has also announced plans to pay out an additional N1.5 billion to retirees in the second quarter of the year. [Source: Vanguard News]

Previous Updates

• In February 2023, the NITEL Pension Scheme paid out N1.2 billion to 1,200 retirees. [Source: Leadership Newspaper]
• In January 2023, the scheme paid out N1.1 billion to 1,100 retirees. [Source: Daily Trust]
• In December 2022, the scheme paid out N1.5 billion to 1,500 retirees. [Source: The Nation Newspaper]

Background

The NITEL Pension Scheme was established in 2006 to provide a pension plan for employees of the Nigerian Telecommunications Limited (NITEL). The scheme is managed by the NITEL Pension Fund Custodian Limited and is funded by contributions from NITEL and its employees.

Challenges

Despite the progress made by the scheme, there have been challenges in the past, including delays in payment of pension benefits to retirees. In 2020, the scheme was criticized for its slow payment of benefits, with some retirees waiting for up to 12 months to receive their pensions.

Reforms

In recent years, the scheme has implemented reforms aimed at improving its operations and ensuring timely payment of pension benefits. These reforms include the introduction of a new pension payment system and the appointment of a new management team.

I hope this information is helpful. Let me know if you have any further questions!