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Implementation Of New Pensions Reforms Begins

The Daily Times of Nigeria

Nigeria

July 8, 2004

Deductions from workers’ pay takes off this month.

IMPLEMENTATION of the Pensions Reforms Bill recently passed by the National Assembly begins at the end of this month, Director-General, National Pensions Commission (NPC), Mr. Kabiru Ahmed, has said.

Speaking at a tripartite meeting of the commission, Ministry of Labour and Productivity and members of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and National Union of Petroleum and Natural Gas Workers (NUPENG) in Abuja on Wednesday, Kabiru said deductions from civil servants’ salary in respect of the contributory pension scheme would begin them.

He said not all commercial banks in the country would participate as the pension asset custodian (PAC) for the commission “because of the sensitive nature of pension matter in Nigeria”.

According to him, corporate bodies interested in being licensed to operate as pension fund administrators (PFA) for the commission must have at least N500 million deposit.

While declaring the meeting open, the permanent secretary, ministry of Labour and productivity, Dr. Tim Koripam urged NUPENG and PENGASSAN to understand with government on the new pension scheme.

He said the over all and long term implementation of the pension would never put Nigerian workers into disadvantage.


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