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Published 14 March 2021
A total of 1,877 organisations got the National Pension Commission’s clearance for getting appropriate pension and insurance covers for their employees in the fourth quarter of 2020.
This qualifies them to do business with the Federal Government.
This commission disclosed this in its report titled ‘Issuance of pension clearance certificates’ for the fourth quarter report obtained by our correspondent on Friday.
Part of the report read, “The commission received a total of 1,900 applications from private sector organisations for the issuance of pension clearance certificates.
“Out of this number, PCCs were issued to 1,877 organisations while 23 applications were declined due to inability of the organisations to meet the requirements for issuance of certificates.
The Pension Reform Act 2004 was one of the most important legislations of the last two decades. It completely transformed, the then, stagnant pension industry that catered for only a minority of employees into a vibrant and growing industry for all Nigerians. From modest beginnings in 2005, the industry has grown to be an important driver of savings and investments in Nigeria, with positive impact on jobs and economic growth.
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The Pension Reform Act 2004 introduced the Contributory Pension Scheme under which both employer and employee contribute to the employee’s pension. The Pension Reform Act 2004 was subsequently repealed by the Pension Reform Act 2014 (PRA 2014), which introduced a number of improvements such as increasing the contribution from 15% to 18% of employees’ salaries. The Act covers both public and private sector employees. However, most States are yet to commence full implementation of their own pension laws that conform with PRA 2014.
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Home » News » Contributory Pension Scheme: Reps urge FG to prevail on States, LGs for full implementation
Contributory Pension Scheme: Reps urge FG to prevail on States, LGs for full implementation
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By Levinus Nwabughiogu-Abuja
House of Representatives yesterday called on the Federal Government to, as a matter of urgency, urge States and Local Government Councils to ensure full implementation of the Contributory Pension Scheme ((CPS) in line with the guidelines set out by the National Pension Commission.
The call followed a motion titled “Full Implementation of the Contributory Pension Scheme by the Three Tiers of Government and the Private Sector” jointly sponsored by Hon. Julius O. Ihonvbere, Hon. Benjamin Okezie Kalu, Hon. Saidu Mohammed Mustafa and Hon. Abubakar Yahaya Kusada at the plenary.
COVID-19: Poor life insurance for departed health workers worsens grief of bereaved families
Afeez Hanafi
Dr Eseoghene Ajuetse had his mission in life well planned. He wanted to save lives and lead a happy home. For years, he strove to strike a balance between the two despite the weight of responsibility being a medical doctor placed on him.
With the outbreak of the coronavirus in Nigeria late February 2020, Ajuetse’s tasks became more extremely demanding, especially as the Chief Medical Officer at Abraka General Hospital, Delta State. Every now and then, he took all the necessary cautions on the job to minimise exposure to the deadly virus. He wouldn’t let down his guard to avoid putting his family and those around him at risk.