When the Pension Reform Act (Amendment) Bill 2013 was introduced by the President Goodluck Jonathan administration, pensioners and Nigerians in general heaved a sigh of relief that challenges, especially corruption and sharp practices in the old pension system, would be fixed once for all.Read More
IN view of challenges facing your sector, how secure is gratuity payment for your members at retirement?
I want to say that gratuity which is separated from pension is still on. The gratuity is not a new phenomenon in the industry. However, there are moves by employers to discontinue it arising from the emergence of contributory pension scheme.
Pension Fund Operators of Nigeria, PenOp, has said that many employers have refused to buy group life insurance policy for their employees as mandated by the Pension Reform Act, 2004.Read More