TUC Seeks Amendment Of Pension Act, Demands 50% Of Contribution At Retirement

The Trade Union Congress of Nigeria, has advocated the amendment of the Pension Reforms Act to allow workers to be paid up to 50 per cent of their contribution at retirement.

In a statement on Tuesday, TUC President, Quadri Olaleye, noted that the Congress has been faced with issues surrounding payment of pension.

This, he noted, had led to pensioners dying without being paid their statutorily stipulated percentage of their contribution due to them at retirement.

“Congress wants the Act amended such that workers will be paid up to 50 per cent of their contribution at retirement to enable them establish petty businesses to complement whatever amount the Commission pays them at the end of the month,” the statement said.

The Congress while commending the effort of the Acting Director General of National Pension Commission, Aisha Umar, said that since she took over, the industry has witnessed progress because of the initiatives she has brought into the commission.

The Congress stressed that the Commission is too sensitive to be entrusted into the hands of people with questionable character.

It added, “As a stakeholder, we have watched with keen interest the activities of the Commision and can say that Mrs Umar has done creditably well enough to earn a promotion”.

“On the Micro Pension Plan embarked upon to improve the standard of living of the informal sector participants at retirement and also reduce dependence on extended family, we would also appreciate It if the course is followed squarely because of its benefit and tendency to boost life expectancy.”