Micro Pension Participants Record 81,674 In July 2022, Contribute N296.9 million

By Ngozi Onyeakusi—The National Pension Commission (PenCom) today disclosed that contributors of the Micro Pension Scheme (MPS) under the Contributory Pension Scheme (CPS) has risen to 81,674 as at July 2022 compared to 2,897 registrants enrolled in the first quarter of the first quarter of 2022.

The Head, Micro Pension Department, PenCom Dauda Ahmed made the disclosure at a PenCom workshop for Pension, business and labour Correspondents in Lagos.

Presenting a paper titled, ‘ The Micro Pension Plan: Bringing Financial Security at Old Age to the Doorsteps of the informal Sector’ , Ahmed stated that Contributions under the scheme within the period stood at N296.9 million while total contingent withdrawal recorded N22.3 million.

Ahmed who equally pointed out that a total sum of N4.9 million was converted from informal to formal sectors within the period noted that the Commission was set to introduce health insurance as an incentive and other freebies that would serve as collateral to access funds by the participants of the scheme.

He assured that the commission and operators in the sector were working tirelessly to attract more people to the scheme even as he regretted that lack of incentives among others have remained setback to the scheme.