Pension: Labour makes case for 50% payment for retirees

The Trade Union Congress of Nigeria (TUC) has advocated for the amendment of the pension act to make it possible for retirees to access up to 50 percent of their contributions at retirement.The TUC President, Quadri Olaleye said such amendment should make it mandatory 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 every month.Olaleye commended 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.He said,”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.” He recalled that before now, Nigerians have had issues with payment of pension and pensioners dying without being paid statutorily stipulated percentage of their contribution due to them at retirement, but noted that the story is changing.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, the TUC President stated that labour would also appreciate it if the course is followed squarely because of its benefit and tendency to boost life expectancy.