• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

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

William Ukpe by William Ukpe
October 6, 2020
in Business News
How negative performance in the capital market affected PFAs in 2019
Share on FacebookShare on TwitterShare on Linkedin

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

RelatedStories

Lawyers suggest new Pencom DG does not have 15 years experience stipulated in Pension Act

Nigeria’s pension fund assets hit N24.10 trillion in May 2025 amid strategic portfolio rebalancing 

July 10, 2025
Lawyers suggest new Pencom DG does not have 15 years experience stipulated in Pension Act

Nigeria’s pension fund assets hit N23.56 trillion in April 2025 — here’s where the money went  

June 26, 2025

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.”

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.


Follow us for Breaking News and Market Intelligence.
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.

Related Posts

Lawyers suggest new Pencom DG does not have 15 years experience stipulated in Pension Act
Fixed Income

Nigeria’s pension fund assets hit N24.10 trillion in May 2025 amid strategic portfolio rebalancing 

July 10, 2025
Lawyers suggest new Pencom DG does not have 15 years experience stipulated in Pension Act
Fixed Income

Nigeria’s pension fund assets hit N23.56 trillion in April 2025 — here’s where the money went  

June 26, 2025
Lawyers suggest new Pencom DG does not have 15 years experience stipulated in Pension Act
Fixed Income

PenCom unveils Pension Boost 1.0, raising monthly payouts for over 233,000 Nigerian retirees 

June 20, 2025
African Bond market, Bonds
Fixed Income

Investors sell off Nigerian bonds over good governance concerns amid high yields – report 

September 22, 2024
PenCom
Funds Management

Nigeria’s pension asset gains N4.1 trillion in one year, hits all-time high of N20.2 trillion

July 5, 2024
COVID-19: Survey confirms job losses, hardship for Nigerians
Fixed Income

Nigerians withdraw N14.2 billion from pension funds as job losses spike

June 12, 2024
Next Post
Antoinette Sayeh to join IMF as Deputy Managing Director 

IMF: Global economy not performing badly as anticipated

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

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Carbon unveils Carbon Nexus — A smarter way for Nigerian businesses to collect, track, and manage payments  
  • Empowering the future: Real estate cashback cooperative set to host 2025 AGM
  •  Africans will develop Africa, Dangote tells Global CEOs 

Follow us on social media:

Recent News

Carbon unveils Carbon Nexus — A smarter way for Nigerian businesses to collect, track, and manage payments  

Carbon unveils Carbon Nexus — A smarter way for Nigerian businesses to collect, track, and manage payments  

July 14, 2025
Empowering the future: Real estate cashback cooperative set to host 2025 AGM

Empowering the future: Real estate cashback cooperative set to host 2025 AGM

July 14, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics