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Business

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

The TUC has urged PenCom to pay 50% of workers’ pension at retirement.

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How negative performance in the capital market affected PFAs in 2019

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.

READ: Rivers health workers embark on indefinite strike over minimum wage

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.”

READ: Pan-African software company AirSmat raises $100,000 investment

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Nairametrics reported recently that sacked Nigerian workers below the age of 50, have withdrawn 25% of Pension funds valued at N2.56 billion, in line with the Pension reforms Act of 2014; which allows pension fund contributors to withdraw 25% of their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.

6 Comments

6 Comments

  1. lawal Garba Idris

    October 6, 2020 at 6:22 pm

    nice step 2 d right direction

    • Emmanuel E.O

      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.

  2. Anonymous

    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

  3. Joo

    October 7, 2020 at 8:39 am

    It is a good development

  4. CHINEDU JOSIAH

    October 7, 2020 at 9:00 pm

    Playing the gallery, Mr. TUC President the amendment is before the National Assembly now. Make good by engaging them.

  5. Adesuyan John Oluwehinmi

    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.

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Business

Bandits kidnap students at Girls Secondary School in Zamfara State

Armed bandits have attacked and abducted students of a secondary school in Zamfara State.

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Armed bandits have kidnapped an unspecified number of students at the Girls Secondary School, Talata Mafara Local Government Area of Zamfara State.

This was disclosed by the state media agency, NTA in a statement on Friday morning.

“Armed bandits kidnapped an unspecified number of Students at Government Girls Secondary School, Jangebe in Talata Mafara Local Government Area of Zamfara State,” they said.

More details shortly…

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Business

Border trade: Onion marketers commence land exports to West Africa

Nigerian onion marketers have commenced documented exports to West Africa.

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The Onion Producers and Marketers Association of Nigeria (OPMAN) has inaugurated the launch of documented onion exports to West Africa through the Illela land border in Sokoto State.

This was launched by Mr Abdulrahameed Ma’aji, the Area Controller of Nigerian Customs Service (NCS), for Sokoto and Zamfara states on Thursday, as he urged the onion traders to maximize the opportunity for enhanced production and trade with the continent.

He added that the Customs Service had implemented laws and guidelines to improve Nigerian trade and encourage businesses to export to Africa.

“Despite COVID-19 Pandemic, NCS provided proactive solutions to the public that will aid continued reliable and quality service delivery for sustenance of global trade,” Ma’aji said.

National President of OPMAN, Aliyu Maitasamu, stated that the union was working with sister agencies to develop a recovery plan to boost production by 20% each year until 2026.

“In line with the Federal Government’s plan to diversify the economy and create jobs, the union in conjunction with sister bodies in West and Central Africa, developed an onion recovery plan which will target an average steady growth of 20 per cent each year, from 2020 to 2026,” he said.

“Nigeria is among the 10 top onion exporting countries in the world, and with competitive advantage of production, the largest onion producing country in sub-Saharan Africa, with annual 1.4 million metric tonnes in output.

“With the present arrangement, Nigeria will continuously export onions to Niger Republic, Ghana, Burkina Faso, Benin Republic, Mali, Cote D’ Ivoire, and others, with more expanding opportunities,” Maitasamu added.

In case you missed: Nairametrics reported on December 16, 2020 that President Muhammadu Buhari had ordered the immediate reopening of four of Nigeria’s land borders, over a year after they were all shut.

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