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Chuks Udo Okonta
The National Pension Commission (PenCom) has stated that the Federal Capital Territory (FCT) and Kaduna State workers are the only state workers covered by group life insurance policy.
PenCom disclosed this in a document published on its website, entitled, ‘Status of Implementation of the Contributory Pension Scheme (CPS) by States and the FCT as at March 2019′.
Section 4 (5), of the Pension Reform Act, 2014 states that “Every employer shall maintain a group life insurance policy in favour of each employee for a minimum of three times the annual total emolument of the employee and premium shall be paid not later than the date of commencement of the cover.
Sub-section (6) of the same section stated that, “Where the employer failed, refused or omitted to make payment as and when due, the employer shall make arrangement to effect the payment of claims arising from the death of any staff in its employment during such period.”
The pension regulator noted that only Delta; Lagos, Rivers; FCT and Kaduna state are funding their employees’ accrued pension rights, while Kaduna; Kebbi; Zamfara; Jigawa; Ekiti; Lagos; Ondo; Osun; FCT; Anambra; Delta; Edo and Rivers are remitting their pension contributions.
PenCom maintained that Yobe State remains the only state that is yet to take any step towards the implementation of the contributory pension scheme.
