Connect with us
nairametrics

Business

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

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

Published

on

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.”

GTBank 728 x 90

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.”

GTBank 728 x 90

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Nairametrics reported recently that sacked Nigerian workers below the age of 50, have withdrawn 25% of Pension funds valued at N2.56 billion, in line with the Pension reforms Act of 2014; which allows pension fund contributors to withdraw 25% of their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

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business

BREAKING: Suspected hoodlums looting Palms Mall, Shoprite in Ilorin

Hoodlums have invaded Palms Mall and Shoprite in Ilorin, looting stores and carting away items.

Published

on

Some suspected hoodlums are allegedly looting the Palms Mall on Fate road, Ilorin, Kwara State capital. The mall hosts stores of Shoprite, and Lifemate Furniture among other stores including Mobile phones retailers.

This was revealed by findings conducted by a Nairametrics analyst who is presently in Ilorin.

He said, “They allegedly stole iPhone 11 mobile sets, other mobile sets brands, Refrigerators, and households items among others.”

According to the analyst, the suspected hoodlums forced their way into the Mall after they have stormed and allegedly looted Kwara Agro Hall, an agro resettlement centre, where they carted away Aluminium roofing sheets, mattresses, bags of cement and bags of flour among others.

Details soon …

GTBank 728 x 90

Continue Reading

Business

#EndSARS: President Buhari reaffirms commitment to protecting the rights of all citizens

President Buhari has reassured that the rights of all citizens will be protected.

Published

on

How Federal Government plans to increase VAT to 7.2% affects you

President Muhammadu Buhari has restated his commitment to improving good governance and ensuring that the rights of all citizens are protected, in a bid to preserving the unity of Nigeria. He made this known during a virtual meeting with all living former Heads of State and Presidents of Nigeria.

According to a statement by the Presidency via its official Twitter handle, the meeting was well attended by former Presidents Olusegun Obasanjo, Goodluck Jonathan,  Chief Ernest Shonekan; former Heads of State, Gen. Yakubu Gowon, Gen. Ibrahim Babangida, and Gen. Abdulsalami Abubakar.

The meeting comes less than 24 hours after President Buhari’s state of the nation address, where he called for an end to the #EndSARS protests as their voices have been heard.

Backstory

Nairametrics had earlier reported that President Buhari would be presiding over a National Security Council meeting with former Heads of State and Presidents.

GTBank 728 x 90

According to the information contained in the tweets, President Buhari stressed that his administration will continue to improve good governance through the defined democratic process and sustained engagement.

During the meeting, the President recounted the initial concessions made by his administration on the demands of youths protesting against the excesses of some SARS members.

Buhari said that all the demands are accepted and that he has proceeded immediately to scrap SARS and commence the process of addressing the other demands made.

GTBank 728 x 90

Continue Reading

Business

Instagram tenders apology for flagging #EndSARS posts as fake

Instagram has apologized for its algorithm malfunction that led to the flagging of #EndSARS posts as fake.

Published

on

COVID-19: Instagram cracks down on coronavirus AR effects, Instagram Tenders apology for fagging #EndSARS fake

Social media is not just changing the way we communicate, it’s changing the way we are governed and the way we live in society.

Instagram apologizes for its algorithm malfunction that leads to the dismay of its users.

Backstory:

Instagram on the 21st of October flagged a series of posts in support of #EndSARS protest killings, as false information.

Users received messages of, “False: The same false information was reviewed in another post by fact-checkers. There may be small differences. Independent fact-checkers say this information has no basis in fact.”

GTBank 728 x 90

This came as a huge disappointment to some of its users as the company refused to be of help in a critical time.

The social networking service apologizes, saying that its algorithm incorrectly flagged the posts, “Yesterday our systems were incorrectly flagging content in support of #EndSARS and marking posts as false. We are deeply sorry for this. The issue has now been resolved, and we apologize for letting our community down in such a time of need,” they stated

GTBank 728 x 90

(READ MORE:#EndSARS: Nigerian Army set to commence Exercise Crocodile Smile VI)

The incident of October 20th took place at the Lekki toll plaza where the Nigerian military shot at several of the youths who were on a peaceful protest seeking an end to police brutality amongst other demands. Amnesty International confirmed that about 12 of the protesters were killed while hundreds of them sustained injures.

What you need to know:

The #EndSARS movement was first introduced in 2017. Its most recent protest started on the 7th of October, youths initiated back the protest to call for the disbandment of the Special Anti-Robbery Squad (SARS) unit of the Nigeria Police Force.

Jaiz bank ads
Continue Reading
Advertisement
Advertisement
Advertisement
ikeja electric
Advertisement
Advertisement
Patricia
Advertisement
FCMB ads
Advertisement
IZIKJON
Advertisement
Fidelity ads
Advertisement
first bank
Advertisement
bitad
Advertisement
Stallion ads
Advertisement
financial calculator
Advertisement
deals book
Advertisement
app
Advertisement