By Victor Young
NOW that the Micro Pension Plan, MPP, has been launched, the key to its success is enlightenment programmes and campaigns for its prospective enrollees to be able to key into and tap its full benefits.
President Muhammadu Buhari, must have realised this when a the launch, he solicited for the support of trade associations, unions, non-governmental organizations and other stakeholders in the informal sector of the nation’s economy to join hand with the Government and the Pension Industry to enlighten members and the general public on the benefits of the MPP.
While launching the scheme, informed that the “initiative was designed specifically to capture those citizens that are not fully captured in the formal corporate sector. Today, millions of traders, farmers and other entrepreneurs in various cottage industries are completely excluded from the different pension programs in existence.”
According to the President , “The Micro Pension Plan is the natural next step. The programme guarantees that when these hard working citizens retire, they can still live in dignity and comfort. I would like to encourage Trade Associations, Unions, Non-Governmental Organizations and other stakeholders in the informal sector of our economy to join hand with the Government and the Pension Industry to enlighten their members and the general public on the benefits of the Micro Pension Plan.
“The Federal Government will continue to support the National Pension Commission to ensure a successful roll-out of the product by the pension operators for the benefit of the target participants. The Financial System Strategy 2020 is also hereby directed to support this initiative within the framework of its activities especially as it relates to financial inclusion.
“In addition to this programme, we are also working tirelessly to sanitize some of the rot within the pension system we inherited. I want to assure all Nigerians that this Government remains committed to resolving all pending issues on pension payment in the federal public sector despite the lean resources of Government. The dignity of retired public servants who sacrificed their lives for this country will be restored.
“We will ensure all hard working Nigerians in the private sector, both formal and informal, can retire without fear. We have already started on this journey. We must all come together to ensure these reforms are fully implemented and their positive impact is felt by the rightful beneficiaries.”