Trade Union Congress demands 50% Lump sum, Supports Acting DG

Trade Union Congress of Nigeria, has demanded for the review of the Pension Reform Act 2014, to allow retirees withdraw a lump sum amount of up to 50 per cent at retirement. This was disclosed in a press release by the Trade Union Congress of Nigeria signed by Comrade Quadri Olaleye, FCIA, MINM, President, and Comrade (Barr.) Musa-Lawal Ozigi, mni, Secretary General of TUC.

The TUC also commended the efforts of the Acting Director General of National Pension Commission (PenCom), Mrs Aisha Umar, and supports her nomination as substantive Director General of PenCom.

Trade Union Congress of Nigeria Press Release

PenCom, Aisha Umar and The general public

The Trade Union Congress of Nigeria, TUC, commends the effort of the Acting Director General of National Pension Commission (PenCom), Mrs Aisha Umar since she took over at acting capacity because of the initiatives she has brought into the commission.

The Commission is too sensitive to be entrusted into the hands of people with questionable character. As a stakeholder, we have watched with keen interest the activities of the Commission and can say that Mrs Umar has done creditably well enough to earn a promotion. Recall that before now we have had issues with payment of pension and pensioners dying without being paid statutorily stipulated percentage of their contribution due to them at retirement. The story is changing.

However, the Congress wants the Act amended such that workers will be paid up to 50 percent of their contribution at retirement to enable them establish petty businesses to complement whatever amount the Commission pays them at the end of the month.

On 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, we would also appreciate it if the course is followed squarely because of its benefit and tendency to boost life expectancy.

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