Organised Labour have been advised to revisit the management of the Contributory Pension Funds( CPS).
Senator Adams Oshiomhole, former labour leader and former Governor of Edo State, gave the advise at the 8th Quadrennial National Delegates Conference of the Academic Staff Union of Educational and Associated Institutions (NASU) on Tuesday in Abuja, with the theme: “Trade Unionism in the Era of Economic Crisis: Addressing the Increasing Poverty Level of Nigerian Workers”.
He alleged that Federal and State Governments were borrowing from the contributory pension funds at a low interest rate, thereby breaching the concept of establishing the contributory pension scheme.
“I know I resisted the idea of contributory pension to be managed by Pension Fund Administrators (PFAs), when I was the NLC president.
“These PFAs are profit seekers. You cannot give me 6 per cent return on my pension savings at an interest rate of 25 per cent.
“This is unfair. It means the worker is getting poorer. You must not accept that because you are the greatest contributors to the economy.
“Today, the pension scheme is over N11 trillion deducted and ought to go into mortgage investments for workers who had retired.
“If the N11 trillion is put into mass housing, workers, upon their retirement, would not be homeless.
“I want to urge you all to revisit these monies that PENCOM is managing, who is borrowing and what are they doing with the money,” he said.
He however condemned the brutalisation of the NLC President, Joe Ajaero.
On the nationwide strike he said: “Often times, Iabour leaders seek implementation of their demands from governments with biased positions that are not well articulated, giving the government officials upper hand in their negotiations.
He said the labour movement must always approach issues in a united front, even though the capitalists will always find ways to break or fragment them.