The acting Director-General, National Pension Commission, Mrs. Aisha Dahir-Umar, has revealed that about 8.8 million Nigerian workers have registered under the Contributory Pension Scheme, CPS, as at the end of September 2019. She made this disclosure during a pension seminar in Benin, Edo State.
In her words, “As at September 2019, the number of registered contributors under the CPS had grown to 8.85 million while pension fund assets had grown to N9.58tn. This growth indeed justifies our emphasis on the safety of pension funds as the bedrock of sustaining the CPS. We assure all stakeholders that the pension reform remains steadily on course.”
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Dahir-Umar said the commission’s current strategic focus aimed to expand access to pension via the CPS, as a veritable tool for economic development.
This aligned with the pension reform objective of old age poverty reduction and improvement in the welfare and general standard of living, she added.
She said the quest to expand coverage of pension was being pursued through some transformational initiatives, especially the micro pension plan.