Date:March 29, 2019, 5:33 am
FG to sanitize pension system, resolve pending payments —BuhariBy Mod - 1 minute ago - [ Update ]
By Johnbosco Agbakwuru
PRESIDENT Muhammadu Buhari has assured Nigerians that his administration was working hard to sanitize the rot it met in the pension system in 2015.
Buhari, who gave the assurance yesterday at the launch of the Micro Pension Plan floated by the National Pension Commission (PenCom) at the Presidential villa, Abuja, also promised to resolve all pending issues on pension payments.
He stated: “We are (also) working tirelessly to sanitize some of the rot within the pension system we inherited. I want to assure all Nigerians that this government remains committed to resolving all pending issues on pension payment in the federal public sector despite the lean resources of government. The dignity of retired public servants who sacrificed their lives for this country will be restored. We will ensure all hard working Nigerians in the private sector, both formal and informal, can retire without fear.â€
The President assured that the Federal Government will continue to support the PenCom to ensure a successful roll-out of the Micro Pension Plan, which will capture citizens that are not fully captured in the formal corporate sector.
He stated further: “Today, millions of traders, farmers and other entrepreneurs in various cottage industries are completely excluded from the different pension programs in existence. The Micro Pension Plan is the natural next step. The program guarantees that when these hard working citizens retire, they can still live in dignity and comfort.â€
In her remarks, the Acting Director General of the National Pensions Commission, Hajiya Aisha Dahir–Umar, said the Contributory Pension Scheme had recorded huge success since it was launched in 2004, with the formation of long term domestic capital, represented by N8.7 trillion worth of pension assets as at January 2019. She added that the funds belong to 8.46 million formal sector participants.
“The Micro Pension Plan is remarkable because it unveils a unique financial product, which democratizes the saving culture in Nigeria in a systematic and efficient manner,†she said.
Dahir–Umar explained that the plan was designed after wide consultations with stakeholders, noting that the product is flexible with contribution amount and channel of remittance of contributions to respective pension accounts.
Source:
www.vanguardngr.com/2019/03/fg-to-sanitize-pension-system-resolve-pending-payments-buhari/
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