29 September 2017

Nigeria: Labour Rejects Proposed Pension Reform Act Amendment

Kaduna — The organized labour has advised all stakeholders on pension matters to reject the proposed controversial bill seeking to exclude members of the Nigeria Police, The Nigerian Security and Civil Defence Corps, Nigeria Customs Service, Nigeria Prison Service, Nigeria Immigration Service and Economic and Financial Crimes Commission from the Contributory Pension Scheme.

The bill which is being sponsored by Rep Oluwole Oke has passed its second reading.

In a statement issued yesterday in Kaduna, Comrade Issa Aremu, NEC member of NLC who is also the Chairman of the Interim management Committee of First Guarantee pension fund administrator, said the Pension reform Act of 2004 and 2014 were outcomes of executive bills which addressed the delicate interests of the pensioners, government and the economy, adding that in principle a private member's bill informed by "narrow and vested interest consideration" could not do justice to all.

The labour leader said pensions of the nation's working men and women in security services were better secured in a national contributory scheme than the old "unfunded and unsustainable discredited" Defined Benefits Scheme (DBS).

According to him, until the recent contributory pension reform "all stakeholders bore witness to ugly features of corruption, inefficiency and share looting" which he claimed characterized the old Defined Benefits Scheme (DBS), adding that to return to the old era means "bringing back corruption to pension administration through the National Assembly."

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