The Pension Reform Act 2004 was one of the most important legislations of the last two decades. It completely transformed, the then, stagnant pension industry that catered for only a minority of employees into a vibrant and growing industry for all Nigerians. From modest beginnings in 2005, the industry has grown to be an important driver of savings and investments in Nigeria, with positive impact on jobs and economic growth.
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The Pension Reform Act 2004 introduced the Contributory Pension Scheme under which both employer and employee contribute to the employee’s pension. The Pension Reform Act 2004 was subsequently repealed by the Pension Reform Act 2014 (PRA 2014), which introduced a number of improvements such as increasing the contribution from 15% to 18% of employees’ salaries. The Act covers both public and private sector employees. However, most States are yet to commence full implementation of their own pension laws that conform with PRA 2014.
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Home » News » Contributory Pension Scheme: Reps urge FG to prevail on States, LGs for full implementation
Contributory Pension Scheme: Reps urge FG to prevail on States, LGs for full implementation
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By Levinus Nwabughiogu-Abuja
House of Representatives yesterday called on the Federal Government to, as a matter of urgency, urge States and Local Government Councils to ensure full implementation of the Contributory Pension Scheme ((CPS) in line with the guidelines set out by the National Pension Commission.
The call followed a motion titled “Full Implementation of the Contributory Pension Scheme by the Three Tiers of Government and the Private Sector” jointly sponsored by Hon. Julius O. Ihonvbere, Hon. Benjamin Okezie Kalu, Hon. Saidu Mohammed Mustafa and Hon. Abubakar Yahaya Kusada at the plenary.
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The National Pension Commission has faulted states and some private companies for not funding 3.5 million pension accounts opened by their workers as of the end of 2020.
The implication of this default is that the workers under this category would retire without having any pension to depend on in their vulnerable old age.
Figures obtained from the commission on Monday on its review of monthly report of unfunded Retirement Savings Accounts showed the status of the unfunded pension accounts as of the end of 2020.
Total workers under the Contributory Pension Scheme stood at 9.2 million as of the end of 2020 according to the commission.