Monday, 17 December 2012

PHCN Privatisation: N170bn Workers’ Severance Pay Ready

Indications has emerged that the N170 billion meant for disbursement to workers of the Power Holding Company of Nigeria (PHCN) as settlement benefits to cover gratuities and pension of workers as agreed by both parties in negotiation for the transfer of ownership of the PHCN successor companies to their eventual owners is ready.
The Federal Government and the labour unions in PHCN finally resolved lingering issues that were threatening the progress of the power reform programme when they struck a deal late on the thorny issues of severance pay and pension for electricity workers after a meeting at the office of the Secretary to the Government of the Federation (SGF) in Abuja.
Speaking at the fifth national power summit organized by the Federal Ministry of Power in Lagos, the Permanent Secretary at the ministry, Dr. Dere Awosika disclosed that the funds for the settlement were ready and the Bureau of Public Enterprises (BPE) was already working out total cost.
Awosika explained that letters notifying the workers to forward details of their Retirement Savings Account (RSA) for onward transfers of their benefits will be issued out to the workers.

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