Ogun workers to resume suspended strike over haphazard implementation of MoU agreements Ogun workers to resume suspended strike over haphazard implementation of MoU agreements
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Barring any last-minute change, workers in the employ of the Ogun State Government will resume their suspended strike.
The workers, under the umbrella of Joint National Public Service Negotiating Council, at an emergency meeting held last Friday, said the move became imperative due to haphazard implementation of the Memorandum of Understanding (MoU) reached by the government side and the organised labour.
Tribune Onlinerecalled that the workers, both Civil/ Public embarked on strike on strike on September 12, 2020, and suspended it, two days after.
Pension assets grow by 25% to 12.3trn in 2020
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By Rosemary Iwunze
The pension fund assets of the Contributory Pension Scheme, CPS, grew by 25.3 percent, year-on-year (y/y), to N12.29 trillion in 2020 from N9.81 trillion in 2019.
The 25 percent growth recorded last year represents 7.7 percentage increase when compared with the 17.6 percent,y/y growth recorded in 2019.
Disclosing this in its December 2020 monthly report, the National Pension Commission, PenCom, said that the number of Retirement Savings Account, RSA, holders rose by 17.5 percent to 9.22 million in 2020 from 7.85 in 2019.
Further analysis of the report shows that Pension Fund Administrators, PFAs, invested N8.13 trillion of the fund in federal government’s securities, up by 10.8 percent percent from N7.34 trillion in 2019.
The pension industry in Nigeria has evolved over the years and introduction of the Transfer Window, which allows pension contributors to switch from one pension fund administrator (PFA) to another has been the talk of the town since November 2020 when it was officially declared open by the National Pension Commission (PenCom).
Recently, Stanbic IBTC Pension Managers hosted an Instagram Live Session to educate contributors on what they need to know before switching PFAs and why they are the preferred choice in the pension industry.
Below are highlights from the Instagram Live Session which held on 23 December 2020.
What Should You Know Before You Switch?
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…as Stanbic, ARM, PAL lead in retiree fund
Premium Pension Limited, ARM Pension Limited and Stanbic IBTC Pension have continued to show leadership in the country’s Contributory Pension Scheme (CPS) in terms of returns to contributors as well as in unit price of active contributors called Retirement Savings Account (RSA) Fund 11.
RSA Fund II is also called default fund for all Active Contributors who are below 50 years of age.
Analysis of performance of the Pension Fund Administrators(PFAs) from data obtained in the industry show that Premium Pension’s cumulative returns since inception was 433.75 percent, above industry average of top eight PFAs of 368.45 percent; while the unit price as at year end 2020 was 5,3375.
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Employees want old pension scheme implemented
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Pressing demands: Members of Tamil Nadu Government Employees Union staging a road roko in Erode on Tuesday.
Employees want old pension scheme implemented
Urging the State government to scrap the New Pension Scheme and implement the old pension scheme, members of Tamil Nadu Government Employees Association (TNGEA) staged a road roko outside the Taluk Office here on Tuesday.
Led by its district president R. Rakimuthu, members said the State government had introduced the Contributory Pension Scheme for its employees who joined service after April 1, 2003. But the guidelines for the new scheme were yet to be announced whereas the contribution was deducted every month from the employees all these years.