Why we introduced minimum pension guarantee, others – Oloworaran

The National Pension Commission (PenCom) has stated that the Minimum Pension Guarantee which is expected to kick start this November was part of efforts to ensure that retirees’ welfare becomes the utmost priority for the government.

Daily Trust reports that President Bola Ahmed Tinubu is expected to launch the initiative as well as the PenCare, a pension health programme for retirees.

The director-general of PenCom, Omolola Oloworaran stated this at the just concluded pension week in Abuja.

The three major initiatives were part of the ongoing pension reforms 2.0 include PenCare, the pension health programme, and the minimum pension guarantee.

“No Nigerian who has served and worked for this nation and has saved for retirement should grow old in want. That promise will not wait another twelve years” she said

Oloworaran said Sections 82 and 84 of the Pension Reform Act 2014 had promised a minimum pension guarantee for 12 years, but it has not been delivered.

“That promise will not wait another twelve years and retirees will see the difference from the day the programme starts.

“From that day, pensions in Nigeria will have a floor and for our poorest retirees, old age will no longer mean choosing between medicine and food.” She said

During the pension week, the PenCom DG said the journey towards full compliance with the contributory pension scheme might be slow, but stakeholders must remain committed to achieving the desired results.

She added that the National Pension Week was an opportunity for stakeholders to assess progress, exchange ideas and develop strategies to strengthen pension administration in the country.

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