Category: Micropension
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Nigeria’s pensions potential attracts foreign interest.
Pension savings in Nigeria average out at just over $2,700 per saver. It is a dismal figure, but these people are the fortunate ones: most of the country’s workers do not belong to a retirement scheme at all. A Nigerian who is in a scheme and retires at 50, the age set by the country’s pension system,…
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Stanbic IBTC introduces initiative to drive micro pension.
Nike Popoola Following the formal introduction of the micro pension plan by the Federal Government in March, Stanbic IBTC Pension Managers Limited, has unveiled a nationwide micro pension campaign tagged ‘Game Plan – Retire Well.’ The Pension Fund Administrator said the effort was aimed at sensitising and stimulating the informal sector not covered by the…
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Financial Inclusion- Illiteracy, an induced impediment.
Samson .T Jola-Michael: Financial Inclusionist. A common attribute of the financially excluded population is illiteracy except on few occasions. According to Oxford dictionaries; Illiteracy means inability to read or write. Our society has magnified this inability and made it become an impediment in interacting with the financial sector; since we often unconsciously specify the interpretation…
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Micro Pension: PenCom Targets N3tn Assets, 20m Contributors
The National Pension Commission (PenCom) has disclosed its resolve to generate additional N3 trillion assets and 20 million contributors from the micro pension scheme. The Acting Director General of PenCom, Mrs. Aisha Dahir–Umar, said this in response to THISDAY’s enquiries.She also disclosed that the commission is currently consulting with relevant stakeholders on how to drive…
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Benefits of Micro Pension Scheme
One of the remarkable reforms instituted by the former president Olusegun Obasanjo’s administration was the introduction of the Contributory Pension Scheme (CPS), which replaced the hitherto non-funded Defined Benefit Pension scheme. The CPS, which is funded in nature with the employee contributing eight per cent to his Retirement Savings Account (RSA) and his employer contributing…
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Key things Buhari said in his speech at the launching of the Micro Pension Plan.
The future seems a bright one for pensioners in Nigeria, particularly those who worked in the federal service, after a commitment by President Muhammadu Buhari who plans to speed up a pension reform. It was obvious in his speech at the launching of the Micro Pension Plan (MPP) at the State House Conference Centre in Abuja, on Thursday, March 28,…