Contributory pension workers rise to 8.27 million

The number of workers registered under the Contributory Pension
Scheme rose to 8,271,948 at the end of September 2018 from 7.7
million in the corresponding period of 2017.

A report obtained from the National Pension Commission on Friday
showed that the figure was 7.3 million as of the end of 2016.

In a recent circular, the Federal Government has mandated all
workers under the CPS to produce their National Identification
Numbers as part of their pension requirements.

The National Pension Commission disclosed this in a circular,
titled ‘Notice on mandatory use of National Identification Number
for all existing RSA holders’.

The circular read, “The Federal Government has made it mandatory
that every Nigerian must have a National Identification Number.

“To achieve this, all data generating organisations have been
directed to harmonise their database with the National Identity
Management Commission, whose mandate is to implement the National
Identity System in Nigeria.

“To enable the pension industry to comply, PenCom has directed
all Pension Fund Administrators to update the records of their
clients. Consequently, all Retirement Savings Account holders, both
active and retired, are hereby advised to approach their PFAs to
provide their NINs and Bank Verification Numbers, as well as other
mandatory bio-data information.”

The Pension Reform Act mandates every employer with a minimum of
three employees to open an RSA for the workers, which would be
funded by both employer and employees.

The employer is required to pay 10 per cent while the workers
are required to contribute eight per cent of the total monthly
emolument.

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