Retiree laments over N3,804 monthly pension benefits amid economic maladies

Aggrieved retirees

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Chuks Udo Okonta

A retiree, Peter Oladipo, has cried out over his inability to survive prevailing economic situation with paltry N3,804 monthly pension benefits.

Oladipo, who retired from the private sector in year 2021, told Inspenonline that he feels very sad whenever he gets alert of N3,804 from his Pension Fund Administrator (PFA), adding that government through the National Pension Commission (PenCom) should make the Pension Reform Act (PRA) 2014 flexible for people like him to access full Retirement Savings Account (RSA) balance and use the money to invest in businesses of their choice.

According to him, what can a retiree that is almost 60 years, do with N3,804 in the present Nigeria?

Oladipo, is not alone in this plight as many other retirees are lamenting too.

Chuka Maduka who retired from one of Nigeria’s regulatory agencies, as a director, also decried the impart of prevailing economic situation on retirees. He noted that retirees are neglected in the policies of governments.

He called on the government to consider the plights of retirees, especially those under the contributory benefits scheme, stressing that their benefits are not adjusted like those under the defined benefits scheme.

An outline obtained by this medium on what workers should do to earn good monthly benefits, revealed that they should doing the followings:

* Increase pension contributions beyond minimum regulatory 18 per cent.

* Embrace voluntary pension contributions.

* Embrace deferred annuity

* Avoid accessing 25 per cent lost of job benefits

* Avoid lump sum collection

The outline also submitted that workers desirous of comfortable lifestyles in retirement should; Embrace endowment insurance

* Invest in stocks

* Insure against risks

* Cultivate healthy lifestyle

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