BPE Implements Pension Act Pays Benefits To Retired Employees

The Bureau of Public En
terprises (BPE) has declared that it has duly followed and implemented the pension Act in payment of its employee retirement benefit.
According to a statement issued  on Monday in Abuja by its Head, Public Communications, Mr Alex Okoh, the BPE has implemented the provision of section 4(1) of the Pension Reform Act 2014 which stressed the obligations of the employer to make a contribution of a minimum of 10 per cent of the employees monthly emoluments in addition to a minimum of eight per cent contribution by the employees and remit the combined sums to the employees Retirement saving Account (RSA).
Okoh said that employees of BPE upon retirement and attainment of the age of 50 years, in accordance with the provision of section 7(1)(a) the employee will be entitled to a withdrawal of a lump sum payment.
He said the bureau ensured that a  monthly or quarterly withdrawals calculated on the basis of expected life span was done by employees.
The BPE spokesman added that the bureau has no obligation to a staff retiring once the BPE makes the statutory contribution on behalf of such staff to the RSA of the staff.
Okoh stressed that the bureau paid all retirement benefits of its staff through PENCOM in line with the Pension Act of 2014.