Widows of soldiers killed by Boko Haram lament husbands unpaid life insurance claims punchng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from punchng.com Daily Mail and Mail on Sunday newspapers.
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Boko Haram: Widows of soldiers lament non-payment of life insurance claims punchng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from punchng.com Daily Mail and Mail on Sunday newspapers.
Bade Ademo writes that the increment will help cushion the impact of inflation on Lagos pensioners
Public sector workers in the twilight of their career are often apprehensive of life after retirement. Having put in the good part of their active years into the service of their fatherland, the minimum honour that the system should afford them is a decent and regular pension after service. But alas this has often been a nightmare.
The Olusegun Obasanjo administration attempted to tackle the menace and ameliorate the pain and tears of pensioners. He initiated Pension Reforms Act 2004 to address the shortcomings of the Defined Benefit Scheme Pension Scheme that was largely unfunded by public agencies, thereby throwing pensioners into a life of uncertainty.
“In accordance with the provision of section 4(5) of the Pension Reform Act (PRA) 2014, every employer shall maintain a group life insurance policy in Favour of all employees,” the notice read.
PenCom has a joint regulatory policy with the National Insurance Commission (NAICOM) on the insurance policy for workers.
The commission reminded employers that the policy “should be a minimum of three times the annual total monument of the employees.”
The notice mandated employers yet to comply with the law to do so before the end of July or face prosecution.