16 December 2012

Nigeria: PHCN - N170 Billion Ready for Pension Disbursement to Workers

As the transfer of ownership of the Power Holding Company of Nigeria (PHCN) successor companies draws near, about N170 billion is now ready to be paid to workers of the PHCN by the Federal Government after both parties agreed on gratuities and pension as the timeline for the transfer of ownership of the PHCN successor companies.

Disclosing yesterday at the second day of the 5th Power Summit organised by the Federal Ministry of Power in Lagos, Permanent Secretary of the ministry, Dr. Dere Awosika, said by this week, letters would be issued to the workers to forward the details of their Retirement Savings Account (RSA) for onward transfers as the Bureau of Public Enterprises is already working on total cost.

It will be recalled that last Tuesday, representatives of both labour unions and the Federal Government signed an agreement after a long drawn battle to settle the issue of payment of pension and gratuities to workers of the PHCN.

The PHCN was unbundled into 18 successor companies for sale in the on-going power sector reforms.

Awosika said a training was being put together by the Federal Government for top officials of the successor companies on labour issues and modalities for winding up before handing over to the preferred bidders.

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