Labour

Abandoned After Service: Unending Struggles of Pensioners Under CPS

By Olaolu Fawole

Retirement is meant to be a time of rest and reflection, a reward for decades of hard work of Pensioners.

However, for pensioners under Nigeria’s Contributory Pension Scheme (CPS), it has become a period of endless waiting, financial hardship, and unfulfilled promises.

The CPS, introduced in 2004 to replace the Defined Benefit Scheme, was designed to ensure a seamless retirement for workers through a contributory system managed by Pension Fund Administrators (PFAs).

However, for many retirees, the delays in the payment of monthly pensions have turned the system into a source of anguish.

Endless Waiting, Mounting Hardship

For many pensioners, the monthly pension is their primary source of income.

The delays, often lasting months, have created a cascade of challenges.

Essential needs like food, housing, and medical care have become unaffordable luxuries.

The rising cost of living in Nigeria has only worsened their plights.

Inflation has pushed the prices of basic goods and services to record highs, leaving retirees unable to meet their daily needs.

Some have resorted to borrowing or relying on family members for support, while others have reportedly lost their lives due to an inability to afford life-saving medical care.

Why the Delays Persist

Several factors have been identified as the root causes of the delays. Chief among them is the failure of some employers, particularly state governments, to remit contributions promptly.

This has created backlogs that disrupt the flow of funds into pension accounts.

Administrative inefficiencies within PFAs and the cumbersome processes required to access pensions also exacerbate the situation.

Retirees are often forced to navigate bureaucratic hurdles, with errors in documentation and record verification delaying payments further.

Demands for Urgent Reform

Nigeria Union of Pensioners, Contributory Pension Scheme Sector has been at the forefront of calls for reform.

The union has also called for an upward review of pensions to reflect the economic realities of inflation and rising living costs.

The plights of pensioners under the CPS raises serious questions about Nigeria’s commitment to the welfare of its senior citizens.

Retirement should be a period of dignity and comfort, but for many, it has become a struggle for survival.

Experts agreed that systemic reforms are essential to restore confidence in the CPS.

This includes resolving payment delays and also ensuring that retirees can access their funds without unnecessary stress.

One thing is that the welfare of pensioners must become a priority.

Their years of service to the nation deserve more than broken promises and delayed payments.

For now, the voices of pensioners echo a simple plea, which is to live out their retirement in peace and dignity, free from the burdens of a system that was meant to protect them.

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