Pension News

NECA advises Workers to Enroll into Contributory Pension Scheme

The Nigeria Employers Consultative Association (NECA) has called on more workers in the country to enrol on the Contributory Pension Scheme (CPS) in other to address their post-retirement needs.

The Director-General of NECA, Adewale Oyerinde, made the call recently in Enugu at a one-day interactive session between the National Pension Commission (Pencom) and NECA on current developments and challenges in the implementation of the Pension Reform Act 2014, for the organised private sector.

Oyerinde, who was represented by the South-east Chairman of NECA, Okechukwu Chime, said it is worrying that as of June 2023, only 10 million people out of the over 73 million population workforce had enrolled into the scheme.

He noted that among the factors contributing to the poor enrolment is the uncertainty of what happens after contributions have been made and the lack of a proper structure to compel employers to contribute their own quota to the scheme.

“Multinational companies in Nigeria for instance do not default in their contribution because in their home countries, it is illegal and laws are enforced. In Nigeria, local companies break the laws and get away with it,” Oyerinde said.

He, however, said the interactive session provided PenCom and NECA with an opportunity to address the reasons why the remaining N63 million workers are not contributing, adding that the private sector remains committed to the success of the pension scheme as long as its concerns are not only noted but also addressed.

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