Buhari to address pension liabilities

President Muhammadu Buhari yesterday assured that his administration will ensure that all inherited outstanding pension liabilities of the Federal Government are addressed despite the scarce resources available to it.

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Buhari, who spoke while declaring open the two-day World Pension Summit holding at the Transcorp Hilton Hotel, Abuja, said the National Pension Commission (PenCom) has been asked to step up its enforcement drive to ensure full compliance by the public and private sector institutions in line with the enabling law.

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He said the summit with ”Pension Innovations: The African Perspective” as its theme, was a welcome development as it brought together pension professionals around the world to discuss and exchange ideas on strategies on the much needed private sector funding.

He noted that the Contributory Pension Scheme (CPS) has eliminated corruption and stabilised the pension system.

He added that it is globally acknowledged that pension matters occupy a strategic space not only as a vital component of social security, but also as a vehicle for nation building.

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4 thoughts on “Buhari to address pension liabilities

  1. Pension Scheme
    In this hard period of distress/recession that people are losing their jobs at random, some do lost their job at age 35 to 45 years respectively these days, mostly those from private organization/companies. These people do find it hard to get another job due to age discrepancies and the country’s economic condition.
    Do you know that some of these people who lost their jobs do have tangible amount with their pension managers, ranging from #3m to #10m? And this money is tied down with one so called pension managers, while the real owner of the money is going about suffering? Some people might die or must have even died during these periods of waiting for their pension to mature.
    Yes, you might want to say that there is a provision for one to access 25% of his/her fund after six month of being unemployed.
    Do you think the 25% can take the individual and his family for the next 2 to 5 years if he/she still remains unemployed, without any other source of income?
    Yes, you might want to say that the person has a gratuity. What if an individual had collected a loan from the bank to execute either a building project or any other project while still working and suddenly his/her employment was stopped and the person’s gratuity was paid into the bank to offset the loan the person owes?
    Tell me, is it not right for this govt. policy of 50 or 60 years of pensionable age to be lifted now, so that those whom have lost their jobs and are business oriented be able to access all their money (tied down in one pension managers bank) to start up a business, thereby employing other people and reducing the unemployed?

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