Rivers State Government Doubles Pension Fund, Extends Retirement Age for Teachers
In a bid to improve the welfare of pensioners and teachers in Rivers State, Nigeria, the state government has taken a bold step by doubling the Pension Fund and extending the retirement age for teachers. The Rivers State Government has approved an additional N1 billion to the existing N1 billion Pension Fund, bringing the total to N2 billion. This decision was announced by Governor Siminalayi Fubara during a State Executive Council meeting held on Thursday at the Executive Council Chambers, Government House, Port Harcourt.
The Governor’s action is part of his welfare package for both civil servants and retired senior citizens, according to Commissioner for Information and Communications, Warisenibo Joseph Johnson. Johnson noted that the Governor’s decision is commendable, as the additional funds will benefit pensioners in the state.
In addition to the Pension Fund increase, the state government has also approved the domestication of a federal law extending the retirement age for teachers by an additional five years in Rivers State. According to Rivers State Head of Civil Service, Dr. George Nwaeke, this extension will only apply to professional teachers who are duly registered with the Teachers’ Registration Council of Nigeria (TRCN).
Nwaeke explained that the new law elongates the number of service years for teachers across the country, allowing them to retire at the attainment of 65 years or 40 years of service, whichever comes first. This means that teachers will now have more time to plan for their retirement and can continue to contribute to the education sector.
The policy’s implementation takes effect immediately, based on the national circular enabling the elongation of service years for teachers across the country. This decision is expected to benefit thousands of teachers in Rivers State, providing them with a more secure financial future.
The Rivers State Government’s decision to double the Pension Fund and extend the retirement age for teachers is a significant step towards improving the welfare of its citizens. This move demonstrates the government’s commitment to supporting its employees and ensuring their financial security in retirement.