Contributory Pension Scheme (CPS) retirees have requested the National Assembly to include their concerns in the ongoing Pension Reform Act 2014 (Amendment) Bill, 2022.
Mr. Jude Owuamanam, the Interim Coordinator of the National Association of PenCom Pensioners, the umbrella body of the scheme’s retirees, signed a statement to that effect and the statement was made accessible to journalists on Sunday in Owerri, Imo State.
According to the Nigerian News Agency (NAN), the proposed law, which is up for second reading, aims to make funds in the contributory pension scheme more accessible to retirees by raising the lump sum payment from 25% to 75%.
Sen. Aliyu Wamako of the ruling All Progressives Congress, who represents Sokoto North, sponsored the bill (APC).
It would be in the best interests of pensioners, according to Owuamanam, if those who were only paid 25% when they retired were included in the planned lump-sum payment of 75%.
According to him, the 25% lump sum payment would barely cover the retirees’ basic necessities.
“When some of us retired, our entire contributions were so small that the 25 percent lump-sum payment could not meet our basic needs, after retirement.“
“But, if we get enough in lump sum payment, we can deploy to starting some business or addressing any other use.“ he said.