PenCom engages NLC to deepen pension compliance

The Director General of the National Pension Commission, Omolola Oloworaran has stated that the Commission is sustaining its efforts to ensure that private sector employers fully comply with the provisions of the Pension Reform Act 2014. Oloworaran made the disclosure in Abuja on Thursday at an engagement with the leadership of the Nigerian Labour Congress […]

The Director General of the National Pension Commission, Omolola Oloworaran has stated that the Commission is sustaining its efforts to ensure that private sector employers fully comply with the provisions of the Pension Reform Act 2014.

Oloworaran made the disclosure in Abuja on Thursday at an engagement with the leadership of the Nigerian Labour Congress (NLC) with the theme: “Consolidating the Gains of the Contributory Pension Scheme through Collaboration with Social Partners”, is both timely and significant. 

In her remarks, the PenCom DG stated that the Contributory Pension Scheme (CPS) stands as one of the most transformative social security reforms in Nigeria’s history, noting that despite its challenges, it has restored confidence in the dignity of labour by ensuring that the sweat of every Nigerian worker translates into retirement security.

She further stated that the Commission will ensure strict compliance with the Pension Act by private sector players, adding that the interactive session will provide labour leaders insights on the current activities of the Commission, noting, “It is as a result of the result of sustained collaboration between the Commission and labour – especially the NLC – whose unwavering advocacy and defence of workers’ welfare have helped to shape the pension landscape for the better.”

In his remarks, the NLC President, Joe Ajaero called for the speedy constitution of the governing Board of the National Pension Commission. 

He also charged the Commission to prioritise regulation of PFAs that are non-compliant to laid down rules and guidelines.

In a related development, the PenCom DG represented by commissioner of Administration of the commission, Alhaji Inuwa Abubakar, during a two-day workshop organised by the commission tagged “Sensitisation workshop on workings of the Contributory Pension Scheme (CPS) for Employees and Pensioners in the North-East zone” said pension narrative had changed with the CPS introduction.

She reiterated that pension assets had grown to over N25 trillion with more than 10 million Nigerians from public service employees to private sector workers.

The Chairman National Salaries, Income and Wages Commission represented by Deputy Director Compensation, Chika Oche, stated that the present administration of president Bola Ahmed Tinubu had introduced far reaching reforms in pension administration and management to ensure prompt payment of pension to retirees.

Also speaking, Director General National Orientation Agency (NOA), Mall Lanre Issa Onilu represented by Adamawa State Cordinator of the Agency, Bala Dangari stated that the enlightenment workshop conducted across the six geo political zones will not only bridge the knowledge gaps on working of the contributory pension scheme in the country, but will also rebuild confidence between the government and the people.