PENCOM’s mandate among others is to ensure prompt payment of retirement benefits and promote a sustainable pension industry that truly impact on the economic development of Nigeria.
Commissioner for Finance, PENCOM, Dr. Charles Sylvester Emukowhate, who disclosed this during a recent sensitization visit to Warri, Delta State, spoke extensively on the need for Nigerians, especially those in the informal sector, to key into the Micro Pension Plan (MPP).
Speaking further, the Commissioner said “The informal sector in Nigeria constitutes the vast majority of the working population in the Country (approximately between 70%-90%). However, this category of workers have no pension protection with the risk of old age poverty. Therefore, the Pension Reform Act (PRA) 2014, as amended, has expanded coverage of the Contributory Pension Scheme to the informal sector through the Micro Pension Plan (MPP).”
The MPP according to him will help participants cultivate the habit of saving for their old age, while they are active to provide a regular stream of income for themselves. The MPP according to the Commissioner, is flexible in terms of registration and remittance of contributions. Furthermore, participants can also have direct access to health insurance cover and other incentives.
Mr Dafe Onojaife, a participant, during the event, commended the entire management of PENCOM for their iconic role, especially to the informal sector. Adding further, he emphasized the need for more sensitization on the scheme to ensure that it is widely appreciated by those in the informal sector.
In his closing remarks, the Commissioner reaffirmed the commission’s commitment to the scheme, but charged all the participants to be more participatory and identify with the benefits of the Micro Pension Plan (MPP ).
