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Chuks Udo Okonta
The Pension Fund Operators Association of Nigeria (PenOp) has called on the National Pension Commission (PenCom) to come out with flexible guidelines that would help drive the envisaged micro pension initiative.
Its Executive Secretary, Susan Oranye, said this in an interview, stressing that the use of technical terms should be avoided in the guidelines, in order to easily integrate the target audience who reside at the grassroots
According to her, the need to build saving culture for people at the grassroots has become necessary going by the present economic challenges.
She noted that the implementation of micro pension would help create long-term funding for economic development. She added that making the rules easy would also help enhance the pension fund.
“The issue of coverage especially in the informal sector is a good concern. We need the guidelines on micro pension. The guidelines need to be flexible and empowering. It should be flexible to get people at the grassroots understand the need for saving.
Technical terms should be avoided. The use of pension may be technical for people at that level,” she said.
She maintained that the onus is on every stakeholder to ensure that people at the grassroots understand the need to start planning for their future.