• Home
  • Anti-Corruption
  • Government
  • Economy
  • National
  • Security
  • Features
  • State
  • Event
Sign in
Welcome!Log into your account
Forgot your password?
Password recovery
Recover your password
Search
  • Home
  • Anti-Corruption
    • Fake EFCC Recruitment Letters in Circulation-Spokesperson

      EFCC Nabs 10 Internet Fraudsters in Lagos

      EFCC

      EFCC Warns Nigerians Against Sale of NIN

      EFCC

      Ex-Finbank MD, Nwosu, Three Others Jailed N10.9bn Fraud

      EFCC nabs Internet Fraudsters

      PHOTO: New Year Eve, EFCC Arrests 21 Internet Fraudsters at Luxury…

  • Government
    • Abubakar Malami, SAN, Minister of Justice

      Malami Flags- Off NDE 774,000 Jobs in Kebbi

      President Muhammadu Buhari

      President Buhari Renews Tenures of Executives of River Basin Authorities

      CES 2021: Again, NITDA Presents Nigerian Startups for Global Technology Event 

      Senator Praises Buhari for Signing Modibbo Adama University Bill into Law

      NEMA Official

      NEMA, BOSEMA Return 200 Households to Communities

  • Economy
    • The Return of Illicit Smuggling of Foreign Rice in Nigeria

      NCS customs boss Hameed Ali

      Nigeria Customs Service Generated N1.54tr in 2020

      NCS customs boss Hameed Ali

      Nigeria Customs Service Generated N1.54tr in 2020

      NCS customs boss Hameed Ali

      Nigeria Customs Service Generated N1.54tr in 2020

      NITDA Empowers Farmers with Digital Skills for smart agriculture

  • National
    • UNICEF, Penlight Centre Respond to Plight of Disabled School Girl Fatima…

      MaxAir Plans Calabar Route after a Request by Former DSS Boss

      Presidency Reacts to a Muslim Group’s Quit Notice to Bishop Kukah

      lai Mohammaed former Minister Information

      Group Condemns Breach of FOI Act by MDAs

      CES 2021: Again, NITDA Presents Nigerian Startups for Global Technology Event 

  • Security
    • Airforce Helicopter NAF

      VIDEO: In Renewed Synergy, Air Troops Hit B’Haram Convoys, Kill Many…

      Kano Gets Well-equipped Ultra-modern Custodial Centre at Janguza for 3,000 Prison…

      Lieutenant-General-Tukur-Yusuf-Buratai

      Army Chief Buratai Hails Air Task Force’s Role at Marte

      Buba Marwa is new NDLEA Boss as FG Suspends Screening of…

      NAF Jet

      VIDEO: NAF Aircraft Return to Bama, Attack Boko Haram Training Camps,…

  • Features
    • Why Covid-19 is Sparing the Poor By Doyin Okupe

      EndSARS and Capitol Protest

      Between Nigeria’s ENDSARS and US Capitol Insurrections

      US Capitol Insurrection, Victims of Karma and a Lesson for Nigerian’s…

      Awaiting Trial inmate inmates in Prison

      COVID-19 and Safety of NCoS Inmates By Francis Enobore

      Police Commander ACP Haruna Adamu Gets Award for Leading Anti-Banditry Fight…

  • State
    • Ganduje Kano Governor

      Former Finance Ministers Lead Kano-Jigawa Forum on Post Covid-19 Pandemic

      UNICEF, Penlight Centre Respond to Plight of Disabled School Girl Fatima…

      Traditional Ruler Facilitates National ID Cards for Subjects in Katsina

      breaking News

      Court Dismisses APC’s Certificate Forgery Suit against Obaseki

      breaking News

      Kwara Gov rues deaths at Baruten checkpoint, mourns casualties

  • Event
    • Musu Sawo Emerges 2020 Daily Trust African of the Year

      Prof. AA Gwarzo: A Philanthropic Scholar @ 43  By Adnan Mukhtar…

      Prof. AA Gwarzo: A Philanthropic Scholar @ 43  By Adnan Mukhtar…

      Prof. AA Gwarzo: A Philanthropic Scholar @ 43  By Adnan Mukhtar…

      Foundation Honours Kaduna ICT Hub Boss for Promoting Digital Literacy

Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
PRNIGERIA PRNigeria News
PRNIGERIA PRNIGERIA
  • Home
  • Anti-Corruption
    • Fake EFCC Recruitment Letters in Circulation-Spokesperson

      EFCC Nabs 10 Internet Fraudsters in Lagos

      EFCC

      EFCC Warns Nigerians Against Sale of NIN

      EFCC

      Ex-Finbank MD, Nwosu, Three Others Jailed N10.9bn Fraud

      EFCC nabs Internet Fraudsters

      PHOTO: New Year Eve, EFCC Arrests 21 Internet Fraudsters at Luxury…

  • Government
    • Abubakar Malami, SAN, Minister of Justice

      Malami Flags- Off NDE 774,000 Jobs in Kebbi

      President Muhammadu Buhari

      President Buhari Renews Tenures of Executives of River Basin Authorities

      CES 2021: Again, NITDA Presents Nigerian Startups for Global Technology Event 

      Senator Praises Buhari for Signing Modibbo Adama University Bill into Law

      NEMA Official

      NEMA, BOSEMA Return 200 Households to Communities

  • Economy
    • The Return of Illicit Smuggling of Foreign Rice in Nigeria

      NCS customs boss Hameed Ali

      Nigeria Customs Service Generated N1.54tr in 2020

      NCS customs boss Hameed Ali

      Nigeria Customs Service Generated N1.54tr in 2020

      NCS customs boss Hameed Ali

      Nigeria Customs Service Generated N1.54tr in 2020

      NITDA Empowers Farmers with Digital Skills for smart agriculture

  • National
    • UNICEF, Penlight Centre Respond to Plight of Disabled School Girl Fatima…

      MaxAir Plans Calabar Route after a Request by Former DSS Boss

      Presidency Reacts to a Muslim Group’s Quit Notice to Bishop Kukah

      lai Mohammaed former Minister Information

      Group Condemns Breach of FOI Act by MDAs

      CES 2021: Again, NITDA Presents Nigerian Startups for Global Technology Event 

  • Security
    • Airforce Helicopter NAF

      VIDEO: In Renewed Synergy, Air Troops Hit B’Haram Convoys, Kill Many…

      Kano Gets Well-equipped Ultra-modern Custodial Centre at Janguza for 3,000 Prison…

      Lieutenant-General-Tukur-Yusuf-Buratai

      Army Chief Buratai Hails Air Task Force’s Role at Marte

      Buba Marwa is new NDLEA Boss as FG Suspends Screening of…

      NAF Jet

      VIDEO: NAF Aircraft Return to Bama, Attack Boko Haram Training Camps,…

  • Features
    • Why Covid-19 is Sparing the Poor By Doyin Okupe

      EndSARS and Capitol Protest

      Between Nigeria’s ENDSARS and US Capitol Insurrections

      US Capitol Insurrection, Victims of Karma and a Lesson for Nigerian’s…

      Awaiting Trial inmate inmates in Prison

      COVID-19 and Safety of NCoS Inmates By Francis Enobore

      Police Commander ACP Haruna Adamu Gets Award for Leading Anti-Banditry Fight…

  • State
    • Ganduje Kano Governor

      Former Finance Ministers Lead Kano-Jigawa Forum on Post Covid-19 Pandemic

      UNICEF, Penlight Centre Respond to Plight of Disabled School Girl Fatima…

      Traditional Ruler Facilitates National ID Cards for Subjects in Katsina

      breaking News

      Court Dismisses APC’s Certificate Forgery Suit against Obaseki

      breaking News

      Kwara Gov rues deaths at Baruten checkpoint, mourns casualties

  • Event
    • Musu Sawo Emerges 2020 Daily Trust African of the Year

      Prof. AA Gwarzo: A Philanthropic Scholar @ 43  By Adnan Mukhtar…

      Prof. AA Gwarzo: A Philanthropic Scholar @ 43  By Adnan Mukhtar…

      Prof. AA Gwarzo: A Philanthropic Scholar @ 43  By Adnan Mukhtar…

      Foundation Honours Kaduna ICT Hub Boss for Promoting Digital Literacy

Home National Pension: BPSR advocates regulatory policy to avert poverty after retirement
  • National

Pension: BPSR advocates regulatory policy to avert poverty after retirement

By
Prnigeria
-
October 31, 2019
Share
Naver

    Pension: BPSR advocates regulatory policy to avert poverty after retirement

    The Director-General of the Bureau of Public Service Reforms (BPSR), Mr. Dasuki Ibrahim Arabi, has warned that without an urgent and effective policy, regulatory and business response to broad-based pension exclusion, poverty among the future elderly persons, who are presently working in the formal sector, will emerge as the dominant cause of increased global poverty.

    He disclosed that only about 10.5 percent of Nigerian workforce are formally employed and covered by the Contributory Pension Scheme (CPS), saying: “As a result of mass-scale pension exclusion, rapid life expectancy improvements, negligible life-time savings and a breakdown of the traditional joint family system, most of these workers face the grim prospect of living the last two decades of their lives in extreme poverty.”

    He spoke at the Auditorium of the Federal Ministry of Finance, where the October edition of the Bureau’s “Lunch-Time Reform Seminar” with the theme: “The imperative of Micro Pension Plan to both the formal and informal Sectors,” was held in Abuja.

    Arabi, who noted that the Presidency, through the National Pension Commission (PenCom), as the apex body of the country’s pension industry, launched the Micro Pension Plan (MPP), said the MPP allows employees of organisation with less than three staff to be enrolled in its.

    This, he said, is in a bid to achieve the pension industry strategic objective of covering 30% of the working population in Nigeria, under the CPS by the end of 2024.

    The BPSR Director General, added that PenCom also allows self-employed individuals to participate in the CPS, as this category of workers constitute the larger percentage of the working population.

    “Over the years, mandatory coverage of the Contributory Pension Scheme under PenCom’s supervision had grown astronomically and the Formal Sector subscribers as well as the scheme has achieved a long-term retirement savings amount.

    “Despite this impressive progress, the self-employed non-salaried workers, including farmers, artisans, self-employed professionals, street vendors, domestic help and workers in Micro, Small and Medium Enterprises (MSMEs) continue to be excluded from the CPS and hence continue to face a significant longevity risk,” he said.

    Arabi, while speaking further, said the need for urgent policy and regulatory intervention on bridging Nigeria’s pension coverage gap is also evident from Nigeria’s demographic trends, noting that a largely young excluded workforce and a rapidly growing population of the elderly presents the government with both a challenge and an opportunity.

    He said: “On the other hand, collaborative and well-coordinated actions on pension inclusion could have an equally significant impact on the ability of every citizens to lead a financially secure and dignified retirement.

    “By establishing a secure, convenient and affordable micro-pension program based on individual contributions and by encouraging thrift and self-help by the presently excluded workers, PenCom could effectively help mitigate the longevity risk of most of its present young citizens.

    “In doing so, Nigeria would simultaneously achieve a huge pool of new, long-term household savings that could in turn fuel economic growth, employment and infrastructure development.”

    According to the DG of BPSR, low public awareness and negative perceptions about pension products; potentially high front-end capital investments in technology by PFAs in establishing efficient micro-pension administration and delivery platforms, absence of incentives for voluntary participation and persistency, potentially low irregular contributions, commercial viability challenges with the micro-pension business, and the possession of the National Identity Number (NIN) as one of the condition for enrolment into the Scheme, are some of the challenges raised by stakeholders in the pension industry.

    “Nonetheless, given the size of the excluded workforce, the large concealed demand for retirement and insurance products, the ongoing increase in access and utilization of formal financial inclusion infrastructure, a deep regulatory and policy commitment to pension inclusion and the potential business of a broad-based pension sector, Nigeria is well placed to achieve meaningful micro-pension coverage in the near future,” he maintained.

    In a power-point presentation on MPP, Dr. Farouq Aminu, disclosed that pension fund and asset under management as at 30 September, 2019 was N9.58 trillion. He said the number of registered contributors under the CPS as at 31 March 2019 was 8.57 million, which is equivalent to 13.14% of the working population of about 65.22 million.

    Dr. Aminu, Head, Investment Supervision Department at PenCom, said according to a 2014 survey, 44.5 million adults are working in the informal sector, adding that most receive income from their own businesses, and also earn income daily or weekly, although 12.6% earn money at irregular intervals.

    He said: “The most recent survey by EFInA, in December 2018, indicated that 16.7 million adults in the informal sector are making regular savings/contributions for retirement. More than half of informal sector workers use some formal financial services. 44.4% of informal sector workers are banked. 65.5% of informal sector workers, or 29.1 million informal sector workers, have saved money in the past 12 months.”

    The NPC senior staff, said as part of developing MPP in Nigeria, they have embarked on several awareness and sensitization campaigns through the engagement of various Trade unions and associations in the textile and garment, entertainment, transport, and automobile industry, among others.

    By PRNigeria

    • TAGS
    • BPSR
    • Dasuki Arabi
    Share
    Naver
      Previous articlePolice Avert Fire Disaster after Petrol Tanker Fell in Onitsha
      Next articleEFCC Recover N60mn Wristwatches from Mompha- Magu
      Prnigeria
      https://www.prnigeria.com
      PRNigeria is the pioneer Press Release Distribution agency in Nigeria. A member of image Merchant Promotions limited, PRNigeria encourages individuals and organisations to be more transparent in their information management. with dedicated Editorial staffs, the PRNigeria ensures that information provided on its platforms are timely, factual and authoritative Read more at: //prnigeria.com/about/

      RELATED ARTICLESMORE FROM AUTHOR

      UNICEF, Penlight Centre Respond to Plight of Disabled School Girl Fatima with Wheelchairs, Scholarship

      MaxAir Plans Calabar Route after a Request by Former DSS Boss

      Presidency Reacts to a Muslim Group’s Quit Notice to Bishop Kukah

      lai Mohammaed former Minister Information

      Group Condemns Breach of FOI Act by MDAs

      CES 2021: Again, NITDA Presents Nigerian Startups for Global Technology Event 

      VIDEO: Little Girl Survives, Responds to Treatment after Removal of Vagina by Ritualists

      The Return of Illicit Smuggling of Foreign Rice in Nigeria

      Ooni of Ife Endorses Non-Custodial Measures

      Renown Parlimentary Secretary, Alhaji Adama Sidiq Ebodaniyan dies

      Coronavirus COVID-19

      COVID-19: Nigeria Records 1Million Test

      Obaseki, APC, Know Fate in Certificate Forgery Legal Battle Jan 9.

      NCS customs boss Hameed Ali

      Nigeria Customs Service Generated N1.54tr in 2020

      SEMA
      NAHCONNAHCON Tour Operators: Registration/Application for Airlift of Pilgrims for 2020 Hajj

      Book on Sales: Boko Haram Media War: An Encounter with the Spymaster

      boko haram

      Click Here:To Order Now!

      • Home
      • Anti-Corruption
        • Fake EFCC Recruitment Letters in Circulation-Spokesperson

          EFCC Nabs 10 Internet Fraudsters in Lagos

          EFCC

          EFCC Warns Nigerians Against Sale of NIN

          EFCC

          Ex-Finbank MD, Nwosu, Three Others Jailed N10.9bn Fraud

          EFCC nabs Internet Fraudsters

          PHOTO: New Year Eve, EFCC Arrests 21 Internet Fraudsters at Luxury…

      • Government
        • Abubakar Malami, SAN, Minister of Justice

          Malami Flags- Off NDE 774,000 Jobs in Kebbi

          President Muhammadu Buhari

          President Buhari Renews Tenures of Executives of River Basin Authorities

          CES 2021: Again, NITDA Presents Nigerian Startups for Global Technology Event 

          Senator Praises Buhari for Signing Modibbo Adama University Bill into Law

          NEMA Official

          NEMA, BOSEMA Return 200 Households to Communities

      • Economy
        • The Return of Illicit Smuggling of Foreign Rice in Nigeria

          NCS customs boss Hameed Ali

          Nigeria Customs Service Generated N1.54tr in 2020

          NCS customs boss Hameed Ali

          Nigeria Customs Service Generated N1.54tr in 2020

          NCS customs boss Hameed Ali

          Nigeria Customs Service Generated N1.54tr in 2020

          NITDA Empowers Farmers with Digital Skills for smart agriculture

      • National
        • UNICEF, Penlight Centre Respond to Plight of Disabled School Girl Fatima…

          MaxAir Plans Calabar Route after a Request by Former DSS Boss

          Presidency Reacts to a Muslim Group’s Quit Notice to Bishop Kukah

          lai Mohammaed former Minister Information

          Group Condemns Breach of FOI Act by MDAs

          CES 2021: Again, NITDA Presents Nigerian Startups for Global Technology Event 

      • Security
        • Airforce Helicopter NAF

          VIDEO: In Renewed Synergy, Air Troops Hit B’Haram Convoys, Kill Many…

          Kano Gets Well-equipped Ultra-modern Custodial Centre at Janguza for 3,000 Prison…

          Lieutenant-General-Tukur-Yusuf-Buratai

          Army Chief Buratai Hails Air Task Force’s Role at Marte

          Buba Marwa is new NDLEA Boss as FG Suspends Screening of…

          NAF Jet

          VIDEO: NAF Aircraft Return to Bama, Attack Boko Haram Training Camps,…

      • Features
        • Why Covid-19 is Sparing the Poor By Doyin Okupe

          EndSARS and Capitol Protest

          Between Nigeria’s ENDSARS and US Capitol Insurrections

          US Capitol Insurrection, Victims of Karma and a Lesson for Nigerian’s…

          Awaiting Trial inmate inmates in Prison

          COVID-19 and Safety of NCoS Inmates By Francis Enobore

          Police Commander ACP Haruna Adamu Gets Award for Leading Anti-Banditry Fight…

      • State
        • Ganduje Kano Governor

          Former Finance Ministers Lead Kano-Jigawa Forum on Post Covid-19 Pandemic

          UNICEF, Penlight Centre Respond to Plight of Disabled School Girl Fatima…

          Traditional Ruler Facilitates National ID Cards for Subjects in Katsina

          breaking News

          Court Dismisses APC’s Certificate Forgery Suit against Obaseki

          breaking News

          Kwara Gov rues deaths at Baruten checkpoint, mourns casualties

      • Event
        • Musu Sawo Emerges 2020 Daily Trust African of the Year

          Prof. AA Gwarzo: A Philanthropic Scholar @ 43  By Adnan Mukhtar…

          Prof. AA Gwarzo: A Philanthropic Scholar @ 43  By Adnan Mukhtar…

          Prof. AA Gwarzo: A Philanthropic Scholar @ 43  By Adnan Mukhtar…

          Foundation Honours Kaduna ICT Hub Boss for Promoting Digital Literacy

      © 2020 PRNigeria. All Rights Reserved.