Pension

Only four states faithfully remitting workers’ pension contributions – PenCom

PenCom

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Chuks Udo Okonta

Lagos, Kaduna, Edo and Benue are the only four states faithfully remitting their workers pension contributions, the National Pension Commission (PenCom) has said.

PenCom stated this in its status of implementation of the Contributory Pension Scheme (CPS) by states, adding that the five other states – Osun; Delta; Ekiti; Ondo; Anambra and Federal Capital Territory (FCT) , which are also remitting both employer and employee contributions have backlog in remittances.

According to PenCom, as at fourth quarter (Q4) 2021, 25 States of the Federation had enacted pension laws on the CPS, while seven States were at the bill stage, adding that out of the five States operating other pension schemes, four States adopted the Contributory Defined Benefits Scheme (CDBS), while one, (Yobe State) operates the Defined Benefits Scheme (DBS).

The Commission noted that as part of its mandate, it carried out sensitization workshops, capacity-building programs, and stakeholder engagement meetings during the quarter under review, adding that it held a meeting with four pioneer Pension Fund Administrators (PFAs) managing majority of the RSAs of employees of Kaduna State to review the solutions proposed by the PFAs and Kaduna State to address the accrued rights liabilities owed to the retired and disengaged employees of the State.

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