By Victor Young
Nigeria Employers Consultative Association, NECA, yesterday, in Lagos, told the National Pension Commission, PenCom, that despite the gains of Contributory Pension Scheme, CPS, stakeholders and employers were concerned about its implementation.
Director-General of NECA, Mr. Timothy Olawale, who spoke at NECA/PenCom interactive session with Organised Private Sector, OPS, on current developments and challenges in the implementation of Pension Reform Act, PRA, 2014, listed some of the concerns of OPS that should be addressed by the commission to move forward.
Represented by NECA’s Director of Projects, Learning & Development, Mrs Celine Oni, Olawle noted that contributors needed to be kept abreast of the regulatory, legal, social and economic issues relating to contributors’ funds as well as information on recent development in commission.
He said: “In spite of the gains of the scheme over the years, the arising concerns of stakeholders and employers need to be addressed. Contributors need to be kept abreast of the regulatory, legal, social and economic issues as it relates to contributors funds, as well as information on recent development within the Commission.
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“This will not only boost the confidence of stakeholders, it will increase the level of compliance and ensure the continuous implementation of the Act.
In her remarks, acting Director-General of PenCom, Aisha Dahir-Umar, said the continuous dialogue with members of the OPS had been very impactful, noting that through the efforts of the OPS, the pension industry had become one of the fastest-growing in the country, informing that “CPS currently boasts of N9.03 trillion.
Represented by Head of Compliance, Salisu Bwuala, she announced that the registration and remittance of contributions into the Micro Pension Plan launched in March had commenced and urged Nigerians who the CPS was not mandatory to take full advantage of the opportunity.
VANGUARD