By Oboh Agbonkhese

NIGERIA Employers Consultative Association, NECA, has praised the Pension Reform Act, PRA, 2014 and the reforms introduced into contributory pension scheme in the country, saying the scheme had guaranteed post-service benefits for workers at retirement.

NECA, which spoke at a stakeholders’ interactive forum with the National Pension Commission, PENCOM, on the implementation of the Pension Reform Act 2014, in Lagos, noted that the reforms had in the last one year brought relief to employers and their employees on pension matters.

Speaking through the former Executive Director, Human Resource, Seven-Up Bottling Company, Mr. Femi Mokikan, the umbrella body for employers in the country, said the scheme could be likened to the only system that was working in Nigeria today.

PRA 2014, which repeals the Pension Act of 2004 beginning from July 1, 2014, has extended the contributory pension service from federal public service to states, local governments, private sector with more than three employees and the self-employed.

They all contribute a minimum of 18 percent of a worker’s monthly emolument (10 percent from employer, eight from the employee), among other features.