Workers have continued to suffer decline in their retirement benefits over the Federal Government’s delay in implementing the mandatory 18 per cent monthly emolument remittance into employees’ pens...
Workers have continued to suffer decline in their retirement benefits over the Federal Government’s delay in implementing the mandatory 18 per cent monthly emolument remittance into employees’ pension accounts, NIKE POPOOLA reports.
The contributions, which are kept by the Pension Fund Custodians, are administered and invested by the PFAs. The implication of this, according to experts, is that many workers will still retiree with low savings or retire into penury. “For the present workers, the Federal Government is still remitting 15 per cent into their RSA instead of 18 per cent.”
The President, United Labour Congress, Joseph Ajaero, said the PRA 2014, was widely abused by the contributors, especially the government and various employers. Former Director-General, PenCom, Muhammad Ahmad, addressing lawmakers, had said deductions of monthly pensions were made in some instances by employers but not in compliance with the law.
The global Allianz Group in its recent report on, “Global pension report 2020: Ready or not,” ranked Nigeria 64th position in global rankings of pension development, reflecting the need for further pension reforms.
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