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PenOp Seeks Inclusion Of Informal Sector In Micro Pension Scheme

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Head of the Pension Operators Association of Nigeria, Mr. Oguche Agudah has advocated for inclusion of the informal sector into the Nigerian Micro Pension Plan.

The C.E.O of the association who stressed the need to intensify awareness campaign for the inclusion of the sector into the MPP, said the move would help strengthen the post retirement financial capability of the Nigerian work force.

The PenOp boss who spoke to newsmen virtually at a retreat/ maiden magazine unveiling of the Pension Correspondents Association of Nigeria on Thursday, in Abuja, harped on the relevance of the Micro pension, noting that not only is the plan private Sector-driven but engenders transparency.

Agudah was of the view that the culture of savings must be at the front burner to protect the future of Nigerians especially when they are old.

“If the informal sector which forms a large chunk of Nigeria’s population does not have anything to fall back on, they will be a liability to the country, but with the Micro Pension Scheme, which is managed by professionals, it will provide a buffer for them as they age.”

Making his submissions on the relevance of Contributory Pension Scheme (CPS) in the 21s century, he said “Nigeria has about 60% citizens in the informal sector that have not enrolled into the Contributory Pension scheme it do not have any retirement plan at all.

,”As such, stakeholders in the pension industry must keep engaging with the informal sector and create awareness by not only getting information out, but putting it a way people can receive it, understanding it and be interested in joining”.

Admitting that Contributory Pension Scheme is not perfect, Mr. Oguche consequently assured that the scheme has proven overtime to be of help and great support to the elderly who make deliberate efforts for the retirement.

Earlier in her remarks, President of PenCAN, Nana Musa highlighted the relevance of media participation in awareness creation in the pension industry.

She Also reiterated the Association’s commitment to partner with stakeholders in driving the growth of the sector.

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