FG fails to make 18 percent contribution to workers’ pension scheme

Posted by News Express | 28 June 2017 | 1,617 times

The Federal Government has failed to implement 18 percent pension contribution for workers.

This comes three years after the Pension Reform Act, 2014 mandated public and private sector organisations to increase the minimum pension of both employers and employees to the retirement’s savings account of workers, from 15 percent of the total monthly emolument to 18 percent

Analysts attributed the non-compliance to the recession, which had taken its toll on the economy.

According to them, the under payment is to the detriment of workers as they would have less funds in their retirement savings accounts.

This is also expected to impact workers’ receivables as returns on investment on their accounts with their respective pension fund. (Channels TV)

Source: News Express