Legislators, PFOs seek increase in pension contributions from 18% to curb old age poverty

Cross section of participants at the event.

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Chuks Udo Okonta

To curb the menace of old age poverty among retirees, that is presently triggered by soaring inflation and devaluation of the naira, legislators and Pension Fund Operators (PFOs) have raised the need to increase pension contributions from the present minimum rate of 18 per cent.

This was part of the discussions had at the Pension Fund Operators of Nigeria (PenOp) 4th National Assembly Retreat 2024, held today in Lagos.

The well attended event, which had the Chairman Senate Committee on Establishment and Public Service, Sen. Fasuyi Oluwole; Chairman House Committee on Pensions, Hon. Hussaini Jallo and members of their committee, together with top pension fund managers in attendance, deliberated on several measures to be adopted to make the Contributory Pension Scheme (CPS) impactful, especially to the retirees.

A member House Committee on Pensions, Hon. Aliyu Bappa, stated that the legislators would work with the executive arm of government to ensure an increase in the pension contributions for workers.

Managing Director Fidelity Pension Managers, Donald Onuoha, while delivering a paper on Accessing Benefit Under the CPS, also re-echoed the need to increase the pension contributions from the minimum 18 per cent.

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