While different sectors have been canvassing the need to provide palliatives to cushion the effects of COVID-19 on Nigerians, stakeholders in the Contributory Pension Scheme have said that the fund...
While different sectors have been canvassing the need to provide palliatives to cushion the effects of COVID-19 on Nigerians, stakeholders in the Contributory Pension Scheme have said that the funds, which stood at N10.2tn, cannot be used as palliatives,Stakeholders in the Contributory Pension Scheme have been reacting to issues emanating from different sectors on the need to use the pension funds which stood at N10.2tn as palliatives as a result of the effects of COVID-19 effect on the country.
While answering questions during the Presidential Task Force on COVID-19 in Abuja, he said there was a need to protect the money and the owners of the contributory pension.The Director, Centre for Pension Right Advocacy, Ivor Takor, said it was impossible for the government to take pension fund for any purpose outside the law establishing the fund.
He said, the federal and state governments workers’ accounted for less than 50 per cent of the value of the over N10tn contributory pension fund.According to him, the composition of the fund was the contributions of public sector workers, private sector workers and the return on investments. The spokesperson for the National Pension Commission, Mr Peter Aghahowa, said only workers who lost their jobs during the coronavirus pandemic would be able to get a quarter of the savings in their Retirement Savings Accounts to cushion their hardship after four months of job loss.
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