Traders, artisans, farmers, transport workers, and other self-employed Nigerians have been identified as key targets in the Federal Government’s efforts to expand pension coverage.
President Bola Tinubu, says the Personal Pension Plan and new distribution channels must make retirement savings more accessible to Nigerians outside the formal employment sector.
Speaking at the National Pension Week in Abuja, the President, represented by the Secretary to the Government of the Federation George Akume, called for greater investment discipline and wider access to pension savings for traders, farmers, artisans and other self-employed Nigerians.
MUST READ: Governor of Adamawa state inaugurates APC campaign council
The Director-General of PENCOM, Omolola Oloworaran, noted that inadequate pension contributions by private-sector employers are leaving many workers with retirement benefits below the national minimum wage.
She said some employers calculate contributions on a small portion of workers’ earnings, resulting in inadequate retirement savings.
The Commission insists that the pension system must deliver better retirement benefits, stronger investment returns, and improved welfare for pensioners.
(Follow AIT News on WhatsApp, AfricaIndependentTV on YouTube, ait_online on Facebook and X (Formerly Twitter), and officialait on TikTok, Instagram and Threads)
(Editor: Ebuwa Omo-Osagie)
