The National Pension Commission (PenCom) has announced plans to mandate contributions to the Pension Protection Fund (PPF) for all Nigerian workers, in a move aimed at strengthening retirement security and ensuring a dignified life for retirees.
The disclosure was made by the Director-General of PenCom, Omolola Oloworaran, during a roundtable meeting with the leadership of the Trade Union Congress of Nigeria (TUC) held on Tuesday.
Oloworaran explained that the new directive is part of the Commission’s broader strategy to safeguard the welfare of pensioners, especially those with low balances in their Retirement Savings Accounts (RSAs).
She noted that the Pension Protection Fund, established under the Pension Reform Act of 2014, was created to provide financial assistance to retirees facing economic hardship and to guarantee the sustainability of the country’s contributory pension scheme.
According to her, making contributions to the PPF compulsory will not only enhance the social safety net for retired workers but also promote public confidence in Nigeria’s pension system.
The meeting, attended by senior officials from both PenCom and the TUC, also discussed ways to improve compliance among employers and address challenges in remittance of pension contributions across various sectors.
