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BUSINESS NEWS: 76,588 artisans join pension scheme in three years

BUSINESS NEWS: 76,588 artisans join pension scheme in three years

Publish date: 2022-07-10 23:08:37 | Author: Nike Popoola | Source:

No fewer than 76,588 informal sector workers have registered under the Contributory Pension Scheme as of March 2022, according to figures obtained from the National Pension Commission on ‘Micro Pension Registration and Contribution’ for the first quarter of this year.

The report said the Pension Fund Administrators registered 2,897 new contributors under the Micro Pension Plan in the first quarter.

It stated that, “Eighteen PFAs registered 2,897 contributors during the quarter under review. This brought the total number of micro pension contributors to 76,588 as at 31 March 2022. Similarly, the sum of N34.53m was credited into the RSAs of 8,668 MPP contributors in Q1 2022, bringing the total value of the micro pension fund to N263.57m as at 31 March 2022.”

The Pension Reform Act, which came into effect in 2004, provides a contributory arrangement in which both employers and employees contribute to the RSAs.

However, the Contributory Pension Scheme was opened only to the formal sector until March 2019 when the Federal Government officially extended it to the informal sector.

The commission said it had continued to engage different associations to enlighten them on the benefits of the MPP.

It stated that it facilitated and made a presentation titled, ‘’Micro Pension Plan as a core driver of rapid economic growth, national development as well as security’, at the CSO Media Conference organised by the Conference of Civil Society of Nigeria in February, at its corporate office in Garki, Abuja.

The aim of the conference was to educate  civil society organisations on the workings of the MPP and the CPS, it stated.

It said it participated at the 33rd Enugu International Trade Fair held between  March 25 and April 4, 2022, at the Enugu International Trade Fair Complex in Enugu.

The commission and the Pension Operators Association of Nigeria had earlier said they were planning to provide free health insurance for contributors of the micropension scheme.

They had concluded on the plan after a meeting on ways to woo artisans into the CPS.

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