Akande
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Chuks Udo Okonta
The move by the National Pension Commission (PenCom) to launch micro pension scheme would help move bulk of the nation’s Gross Domestic Product (GDP) contributors into the Contributory Pension Scheme (CPS), Inspen can report.
According to the Executive Director, Business Development & Investment, Premium Pension Limited, Kayode Akande, bulk of the the individuals driving the nation’s GDP are yet to be captured in CPS.
He noted that capturing the informal sector workers into the scheme would shore up the pension fund and provide better future for the self employed.
“If you look at the GDP of Nigeria, what constitute the bulk, is the activities of people in the informal sector. And bulk of the people that drive the nation’s GDP, are not presently captured in the contributory pension scheme. You could image the growth that would be attained when these people are integrated into the scheme,” he said.
PenCom has commenced a nationwide dialogue with self-employed persons and workers in the informal sector ahead of the commencement of the Micro Pension scheme which is expected to integrate over 20 million workers.
Micro Pension is a financial programme for the provision of pension services to self-employed persons and informal sector workers. The programme has been successful in India, Kenya, Ghana and other countries even as it is expected to take off in the country before the end of this year.
