Contributory Pension: Going the way of old scheme?
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Tue Feb 23 2021
The Contributory Pension Scheme (CPS) was introduced in 2004 by then President Olusegun Obasanjo’s administration to address the problems of late payment of pensions and gratuities to retirees. The CPS established via Pension Reform Act, 2004, covered both the public and private sector workers.
For federal workers, the CPS is compulsory since inception, while some states are implementing the scheme.
However, the problems associated with the old scheme had started to rear its ugly head. Under the CPS, retirees are supposed to be paid their entitlements three months after retirement. That was so at the initial stage, but not now.
An error has been spotted in the new finance bill signed into law by President Muhammadu Buhari on December 31, 2020. The signed bill was published in the Federal Republic of Nigeria Official Gazette No. 4 Vol. 108 of January 4, 2021.
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Section 38(c) of the Finance Act 2020 provides a reduction in import “levy on motor vehicles for the transport of persons [cars] (HS Headings 8703) from 30% to 5%.” The section is an amendment of the customs and excise tariff, etc. (consolidation) act.
Contrary to the content of the signed finance bill, Zainab Ahmed, minister of finance, budget and national planning in an
interview with ChannelsTV on January 22, 2021, said the import levy of cars was reduced from 35% to 5%.
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There are various laws governing employment-related matters in
Nigeria. Some of these employment laws include the Nigerian Labour
Act, the Pensions Act, the Industrial Training Act, Employee
Compensation Act, Trade Unions Act, among few others. In this
write-up, we will briefly the impact of some of these laws on
employment matters in Nigeria.
The Labour Act
The Nigerian Labour Act 1971 is the principal law that governs
employment-related matters and the relationship between an employer
and employee in Nigeria. The Act uses the word workers
Trustees of Roofers Local No. 88 propose a 10% reduction in benefits across the board.
The Roofers Local No. 88 Pension Fund of Merrillville, Indiana, has applied to the US Department of the Treasury for permission to enact a 10% across-the-board cut in benefits to stave off impending insolvency.
In their application to the Treasury Department, the trustees of the pension said the fund had a projected funded ratio of 61.4% as of May 1, and the plan is projected to become insolvent by the 2035-2036 plan year. If approved, the suspension would take effect Nov. 1 with no expiration date, and would not affect participants with age-based or disability limitations.
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WITH the country bogged down by an avalanche of challenges on all fronts, many argue that the National Assembly ought to serve as a pathfinder because of its statutory functions. OSARETIN OSADEBAMWEN and KEKINDE AKINTOLA write on the unfinished business of the National Assembly as the members reconvene for the 2021 legislative calendar after their Christmas break.
PUBLIC perception of the ninth National Assembly is a major subject of discourse across the country. Though there is no consensus on how most Nigerians rate the current legislature, quite a number of the citizens are suspect on the relationship between the executive arm of government and the National Assembly. Some believe that the latter has almost compromised on its statutory function as the main watchdog to keep the executive in check. In other words, it has not adequately acted to guarantee checks and balances in the scheme of things. But, the president of the Senate, Ahmad Lawan, has insisted that the