After protracted negotiations, electricity workers on Tuesday night emerged victorious as they sealed a deal with the Federal Government to end the lingering crisis over their pension payout.
In an agreement reached in the late hours of Tuesday at the Office of the Secretary to the Government of the Federation, the Federal Government agreed to pay the workers’ pension that had accrued by June 30, 2007 on the basis of 25 per cent of their annual salaries.
However, the payment will be based on the new conditions of service that came into effect in 2010, while pension accruals from July 1, 2007 will be based on 15 per cent of annual salaries as contained in the Pension Reform Act, 2004
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