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Globally, matters pertaining to taking care of retired and aged citizens are of great concern to government. The concerns bother majorly on the non-availability of funds to pay the aged citizens who worked for the government, resulting in huge pension liabilities. The schemes in Nigeria prior to the commencement of the Pension reform were Pay As You Go and Defined Benefit in the public sector and Provident Fund/Nigeria Social Insurance Trust Fund (NSITF) for the private sector. Whilst a few private organisations have some forms of exit benefits, these were not sustainable pension arrangements as they do not provide for savings to cater for the employees’ livelihood during old age. ....
Pension investments are insured, says Access PFC MD thenationonlineng.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenationonlineng.net Daily Mail and Mail on Sunday newspapers.
By Rosemary Onuoha Despite the astronomical growth recorded in the pension fund, only 11 percent of workforce is enrolled in the Contributory Pension Scheme, CPS, and the micro pension schemes and this number needs to improve, the Pension Fund Operators Association of Nigeria, PenOp, has said. Head of Media, Communications and Branding Committee of PenOp, who is also the Chief Executive of Fidelity Pensions Limited, Mrs. Amaka Andy-Azike, disclosed this during a webinar organized for pension correspondents. Lamenting the development, Andy-Azike said: “We plan to have a pension awareness week, like a pension fair where operators attend to individuals on the spot with media partners available for coverage. We also intend to participate in World Savings Day to drive financial inclusion as only 11 percent of the active workforce is enrolled in contributory and micro pension schemes and this number needs to improve.” ....
Nigeria: Only 11% of Workforce Is Enrolled in Pension Scheme - PenOp allafrica.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from allafrica.com Daily Mail and Mail on Sunday newspapers.
Nigeria: Only 11% of Workforce Is Enrolled in the Pension Scheme - PenOp allafrica.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from allafrica.com Daily Mail and Mail on Sunday newspapers.