Informal sector
BY NKECHI NAECHE-ESEZOBOR–About 19 Pension Fund Administrators (PFAs) registered 2,166 contributors under the Micro Pension Plan (MPP) in the fourth quarter of 2021, the National Pension Commission (PenCom), has said.
This is contained in the commission’s fourth quarter report posted on its official website that “19 PFAs registered 2,166 contributors during the quarter under review. This brought the total number of micro pension contributors to 73,600 as at 31 December 2021.”
While a total of N25.09million was credited into the RSAs of 8,260 Micro Pension Plan contributors in Q4 2021, bringing the total value of the micro pension fund to N224.05m as at end of the quarter under review.
On status of implementation of the Contributory Pension Scheme (CPS) by states, the commission said that Lagos, Kaduna, Edo and Benue remitted their workers pension contributions.
While Osun; Delta; Ekiti; Ondo; Anambra and Federal Capital Territory (FCT) , which are also remitting both employer and employee contributions have backlog in remittances
The commission noted that 25 States of the Federation had enacted pension laws on the CPS, while seven States were at the bill stage, adding that out of the five States operating other pension schemes, four States adopted the Contributory Defined Benefits Scheme (CDBS), while one, (Yobe State) operates the Defined Benefits Scheme (DBS).
