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PenCom should pay 50% of workers’ pension at retirement – TUC

William Ukpe by William Ukpe
October 6, 2020
in Business News
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The Trade Union Congress (TUC), says the National Pension Commission, PenCom, should pay retired workers 50% of their total pension contributions at retirement, to enable them to establish businesses as they retire.

This was disclosed in a letter signed by the President of TUC, Comrade Quadri Olaleye, to the PenCom on Tuesday afternoon.

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pic.twitter.com/9YUGnKA8Rn

— National Pension Commission (PenCom) (@PenComNig) October 6, 2020

The TUC praised the efforts of the Acting Director-General of PenCom, Mrs. Aisha Umar, saying she has “done incredibly well enough to earn a promotion.”

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The TUC said before her appointment, workers had issues of payments as pensioners were dying without being paid statutorily stipulated percentage of the contribution due to them at retirement.

The TUC added that “the Congress wants the act amended such that workers will be paid 50% of their contribution at retirement, to enable  them to establish petty businesses that complement whatever amount the commission pays them at the end of the month.”

READ: PenCom recovers N17.51billion from defaulting employers, imposes penalties

The TUC urged that the Micro Pension Plan for workers in the informal sector be followed squarely, because of benefits to the retired worker.

Nairametrics reported recently that sacked Nigerian workers below the age of 50, have withdrawn 25% of Pension funds valued at N2.56 billion, in line with the Pension reforms Act of 2014; which allows pension fund contributors to withdraw 25% of their funds if they lose their jobs and have not resumed work in 4 months.


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Tags: Aisha UmarNational Pension CommissionTrade Union Congress
William Ukpe

William Ukpe

For further inquiries about this article contact: Email: william.ukpe@nairametrics.com or outreach@nairametrics.com. Twitter: @_sirwilliam_ @nairametrics.

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Comments 5

  1. lawal Garba Idris says:
    October 6, 2020 at 6:22 pm

    nice step 2 d right direction

    Reply
    • Emmanuel E.O says:
      October 7, 2020 at 9:33 am

      I think this is long overdue, for the PENCOM Regulations to be amended in order to reflect this 50% initial bulk payment, it’s just Logical.

      Reply
  2. Anonymous says:
    October 7, 2020 at 8:37 am

    The policy of 25% payment after retirement is very bad with the Nigeria economy that is not saving friendly due to inflation.50% payment is good and the Constitution should be amended in such a way that workers will have access to 50% of their pension after spending 10 years in service

    Reply
  3. Joo says:
    October 7, 2020 at 8:39 am

    It is a good development

    Reply
  4. Adesuyan John Oluwehinmi says:
    October 8, 2020 at 5:03 pm

    Thank you for this step. I want to also add that pensioners in Federal Civil Service should be paid their entitlement latest three months after retirement. What do the insensitive Government want the retirees to eat for one year to two years. The late payment is the reason for starting contributing pension scheme. It is bad that one would be seeing his/her RSA balance and still goes hungry or dieing for lack of money to treat him/her self.

    Reply

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