Given the immense economic, development, and investment benefits inherent in the Contributory Pension Scheme (CPS), it is befuddling that most state governments are unwilling to do away with the cumbersome, burdensome and corrupt-laden non-contributory alternative. According to the Acting Director General of the National Pension Commission (PenCom), Ms Omolola Oloworaran, only seven states and the Federal Capital Territory, FCT, Abuja have fully implemented the CPS. This is sad, as it simply adds to the retirement anxiety of workers, even as their future is not assured.
Before the enactment of the Pension Reforms Act of 2004, the pension administration system in Nigeria was shrouded in opaqueness. The previous regime was laissez-faire as payment of retirement benefits was solely at the whims and caprices of employers. Retirees in the public sector suffered harrowing adversity due to the unethical and fraudulent…
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