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Punch Newspapers Sections 121,543 retirees have less than N550,000 in their RSA balance, says PenCom Seven years after the Federal Government amended the Pension Reform Act, which stipulated that employers should remit 18 per cent of workers’ monthly emoluments into their RSAs, the government is yet to comply with its own law. The Pension Reform Act promulgated in 2004 had stipulated that workers and employers should contribute 7.5 per cent each of the monthly emoluments into the workers’ RSAs with their respective Pension Fund Administrators. The amended PRA 2014 mandated all employers under the CPS to raise workers’ pension remittance to 18 per cent. According to the amended law, eight per cent of the workers’ monthly salaries should be the employees’ contribution, while the employers should contribute the remaining 10 per cent.

Aisha dahir umarIvor takorPeter eseleRichard borokiniNational pension commissionUnion congressCentre for pension rights advocacyCentral bankPension fund administratorPension fund administratorsPension fund custodiansInsurance institute of nigeriaFederal governmentPension reform actPension fundSenate committee