Home Business News FG develops three retirement schemes for Civil Servants

FG develops three retirement schemes for Civil Servants

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For a smooth transition into retirement, the Federal Government has partnered with the Central Bank of Nigeria (CBN) and Bank of Industry (BoI) to develop three retirement schemes for the employees of the Federal Civil Service.

The Head of Civil Service of the Federation, Winifred Oyo-Ita identified the three retirement schemes; a pre-retirement training scheme, Federal Civil Service Off-Boarding Scheme, and the Civil Service Post-Retirement Service Scheme.

She explained that the three schemes were designed to ensure a smooth transition to retirement for employees in the Federal Civil Service. Recall that the Federal Government endorsed the payment of ₦44 billion to public servants owed since 2012 as regards promotion arrears, salary arrears, and other claims.

Functions of the three retirement schemes

While disclosing the achievement of the government from 2015 to 2018, Oyo-Ita said the pre-retirement training scheme, is where prospective retirees are provided with new skills to enable them have second career choices just before retirement, and the Federal Civil Service Off-Boarding Scheme, is a structural process for employees to exit from the federal civil service.

Housing project for staff

While speaking during a media briefing in Abuja, Oyo-Ita said the office of the Civil Service of the Federation have enhanced the welfare of staff across the service by providing quality and affordable housing under the Federal Integrated Staff Housing.

“A total number of 9,503 are under construction, a total number of 342 were allocated, 30 off-takers have been issued keys to their houses and 17 off-takers have moved into their houses.”

“Also, a total number of 2,077 benefited from Home Renovation Loan of one million naira implemented by the office in partnership with FMBN between 2016 and 2018.

“The office has instituted a reward and recognition system through motivation, which ties incentives and rewards to better performance,” she said.

In a report by Independent, Oyo-Ita said that a total number of 4,167 staff across the service benefited from the Federal Government Staff Housing Loan in collaboration with the Federal Mortgage Bank of Nigeria between 2016 and 2019.

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