PenCom, PFAs on course to achieve 8m enrolment target for micro pension

The National Pension Commission (PenCom) and Pension Fund Operators of Nigeria (PenOP) are working to achieve the government’s target of enrolling 8,000,000 Nigerians in a micro pension scheme in the country.

Aisha Dahir-Umar, director-general of PenCom, who disclosed this at a workshop organised for journalists by the commission in Lagos, said effort to increase the micro pension scheme adoption remained a major focus of PenCom.

She clarified that the theme of this year’s workshop, ‘Increasing Informal Sector Participation in the Contributory Pension Scheme (CPS)’, flows with the commission’s objective of expanding coverage of the Contributory Pension Scheme (CPS).

“The scheme was conceptualised to expand pension coverage to the informal sector of the economy, including small-scale businesses, entertainers, professionals, petty traders, artisans and entrepreneurs,” Dahir-Umar said.

She added that the micro pension scheme was implemented to curb old-age poverty by supporting workers to contribute while working and build long-term savings to fall back to when they become old.

“To create awareness about the micro-pension plan, the commission in collaboration with PenOp (Pension Fund Operations Association of  Nigeria) is championing an industry campaign in major cities of the country’s six geopolitical zones,” she said.