Contributory pension assets rise to N12 4tn, says PenCom punchng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from punchng.com Daily Mail and Mail on Sunday newspapers.
iAfrica 2 seconds ago 3 min read
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Africa has long been known for its youthful population, and while the continent will continue to have the largest youth cohort in the world, they’ll live longer than their forebearers. This is according to the latest Bright Africa pensions research from RisCura, a global investment firm.
In fact, longevity expectations have changed dramatically, thanks to better nutrition, medical advances and overall improvements in the general standard of living.
“The estimates for the elderly are astounding, which is putting enormous pressure on governments and pension funds to deliver some form of social security,” says Gerald Gondo, Business Development Executive (Africa) at RisCura.
“In accordance with the provision of section 4(5) of the Pension Reform Act (PRA) 2014, every employer shall maintain a group life insurance policy in Favour of all employees,” the notice read.
PenCom has a joint regulatory policy with the National Insurance Commission (NAICOM) on the insurance policy for workers.
The commission reminded employers that the policy “should be a minimum of three times the annual total monument of the employees.”
The notice mandated employers yet to comply with the law to do so before the end of July or face prosecution.
Nigeria’s GDP growth rate for Q1 2021
Nigeria’s Gross Domestic Product grew by 0.51% (year-on-year) in real terms in the first quarter of 2021. This is slower than the 1.87% growth recorded in the corresponding quarter of 2020 but higher than 0.11% recorded in the previous quarter (Q4 2020).
This is contained in the Nigerian Gross Domestic Product report, recently released by the National Bureau of Statistics (NBS).
According to the report, aggregate GDP stood at N40.01 trillion in nominal terms as against N35.65 trillion recorded in Q1 2020, while real GDP stood at N16.83 trillion in the review quarter.
Cryptocurrencies sell-offs continues
It is quite hard to argue with commentaries that state we are in a bear market. The massive selloffs of cryptocurrencies have continued with bitcoin trading at $35,000 and Ethereum trading slightly above $2,000. The total market capitalization of cryptocurrency assets stands at about $1.4 trillion and has declined by about 10%.
Grand Cereals announces the retirement of Chief Bode Emmanuel as Board Chairman thisdaylive.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thisdaylive.com Daily Mail and Mail on Sunday newspapers.