Nigeria: Pension - Pressure Mounts On More Employers to Start CPs

Finance and pension experts have implored employers in both private and public sectors to begin the Contributory Pension Scheme (CPS) for their employees because of its benefits.

At a virtual training by the Pension Fund Operators Association of Nigeria (PenOp) for insurance and pension reporters, the experts also urged employers to remit their workers' monthly contributions promptly for a secured life of the workers after retirement.

The facilitator of the training, Omagbitse Barrow, said the biggest change between the CPS and the Defined Benefit Scheme (DBS) is that the employee now contributes as well as the employer.

He also said the higher the contribution, the higher the funds.

Proffering solutions on how to boost retirement benefits for pensioners in the CPS, he stated that improving productivity and hard work could boost the ultimate retirement benefit.

The CEO of PenOp, Oguche Agudah, noted that pension was a delicate matter and to that end, needed a proper understanding of the industry.

"People are very emotional when it comes to their pensions. Any chance or story about their pensions getting lost, stolen, embezzled or losing value causes a lot of negative emotions amongst contributors."

Agudah also said pensions and investments are technical issues and tasked the reporters to break them down in clearer terms.

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