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Nairametrics reported recently that sacked Nigerian workers below the age of 50, have withdrawn 25% of Pension funds valued at N2.56 billion, in line with the Pension reforms Act of 2014; which allows pension fund contributors to withdraw 25% of their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