Efforts by Pension Fund Administrators, PFAs, to enroll more informal sector workers into the Contributory Pension Scheme, CPS, under its micro pension scheme appears to be paying off as a total of 2,897 new contributors were enrolled in the first quarter of 2022, Q1’22.
This indicates a 33.7 percent Quarter-on-Quarter, QoQ, increase against 2,166 recorded in the previous quarter, Q4’21.
With the new enrolments, according to the First Quarter 2022 Report released by the National Pension Commission, PenCom, total number of Micro Pension contributors increased to 76,588 in Q1’22 from 73,600 recorded in Q4’21.PenCom stated in the report: “Eighteen Pension Fund Administrators, PFAs, registered 2,897 contributors in Q1’22.
This brought the total number of Micro Pension contributors to 76,588 as at 31 March 2022.
“Similarly, the sum of N34.53 million was credited into the Retirement Savings Accounts, RSAs, of 8,668 Micro Pension Plan, MPP, contributors in Q1’22, bringing the total value of the Micro Pension Fund to N263.57 million as at 31 March 2022.
The MPP was initiated by the National Pensions Commission (PenCom) and was designed to incorporate workers in the informal sector of the economy into the pension scheme in a bid to provide cover for 30 per cent of the national workforce by 2024.
A key goal of the effort is to boost the country’s financial inclusion.