PenCom DG, Aisha Dahir-Umar

The National Pension Commission (PenCom) has revealed plans to extend pension coverage to over 2.2 million Nigerians in the informal sector of the economy, which creates about 80 per cent of jobs. The commission revealed this on the sidelines of the maiden Micro Pension Open Day organised by the Pension Operators Association of Nigeria (PenOp) with the theme: “Micro Pension – Challenges, Prospects for Growth and Deepening Financial Inclusion in Nigeria.” held in Lagos. Micro Pension Plan refers to an arrangement under the Contributory Pension Scheme (CPS) that allows the self-employed and persons working in organisations with less than three (3) employees to make financial contributions towards the provision of pension at their retirement or incapacitation. Speaking on the strategy to attract the 2.2 million participants into the scheme from the informal sector of the economy, the Head of the Micro Pension Department, PenCom, Dauda Ahmed, said as part of incentives to embrace micro pension, the commission is working toward adopting a minimum health insurance for eligible MPP participants. Ahmed also stated that the commission is also engaging with labour unions, trade associations, and several groups on embracing the scheme in the country.

Guardian