Trade Union Congress pushes for 50% lump sum in new pension law

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Chuks Udo Okonta

The Trade Union Congress of Nigeria (TUC) said the Pension Reform Act (PRA) 2014 should be amended such that workers will be paid up to 50 per cent of their contribution at retirement to enable them establish petty businesses to complement whatever amount they receive as monthly pension benefits.

The President, TUC, Comrade Quadri Olaleye, who said this in a statement, also noted that the Micro Pension Plan embarked upon to improve the standard of living of the informal sector participants at retirement and also reduce dependence on extended family, should be followed squarely because of its benefit and tendency to boost life expectancy.

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