SEPTEMBER 23, 2013
The National Pension Commission (PenCom), has disclosed that the Contributory Pension Scheme (CPS), has so far generated over N3.5 trillion with no less than 5.61 million workers now registered in the scheme.
This was disclosed by the Acting Director-General of PenCom, Mrs. Chinelo Anohu-Amazu, at the commissioning of the South-West zonal office of the commission in Lagos, at the weekend.
She said the commission now had “over N3.50 trillion invested in various financial instruments in the country. As at June 2013, the value of pension funds’ investment in state government bonds was N169.73 billion.
“Most of the states have utilised the proceeds from the fund towards the provision of vital infrastructure for the well being of its citizens.
“Since inception, 5.61 million workers have been registered into the new scheme.
“States in the country, especially the South-West zone, that are yet to complete the necessary process of full implementation of CPS, should renew their commitment and fast track action on all outstanding issues to avail their employees of all the benefits attached to the new scheme.”
Those at the event include: Governors Babatunde Fashola of Lagos State; Ibikunle Amosun of Ogun and Kayode Fayemi of Ekiti State; Senate President, Mr. David Mark, represented by the Chairman, Senate committee on Establishment and Pension, Senator Aloysius Etok, Senators Gbenga Ashafa and Babafemi Ojudu, Vice Chairman of the House Committee on Establishment and Pension, Mr. Samson Okwu amongst others.
Governor Fashola in his speech urged the National Assembly to expeditiously deal with the Pension Reforms Act 2004, which had been returned to Parliament for a re-examination stating that “we continuously have to reflect and rethink and that is why the bill is back in Parliament.”
Similarly, Governor Amosun noted that the responsibility of every government was to encourage its workers to realise the dignity in labour adding that “his administration has demonstrated in many ways that the government is concerned about the welfare of its workforce.”
This was disclosed by the Acting Director-General of PenCom, Mrs. Chinelo Anohu-Amazu, at the commissioning of the South-West zonal office of the commission in Lagos, at the weekend.
She said the commission now had “over N3.50 trillion invested in various financial instruments in the country. As at June 2013, the value of pension funds’ investment in state government bonds was N169.73 billion.
“Most of the states have utilised the proceeds from the fund towards the provision of vital infrastructure for the well being of its citizens.
“Since inception, 5.61 million workers have been registered into the new scheme.
“States in the country, especially the South-West zone, that are yet to complete the necessary process of full implementation of CPS, should renew their commitment and fast track action on all outstanding issues to avail their employees of all the benefits attached to the new scheme.”
Those at the event include: Governors Babatunde Fashola of Lagos State; Ibikunle Amosun of Ogun and Kayode Fayemi of Ekiti State; Senate President, Mr. David Mark, represented by the Chairman, Senate committee on Establishment and Pension, Senator Aloysius Etok, Senators Gbenga Ashafa and Babafemi Ojudu, Vice Chairman of the House Committee on Establishment and Pension, Mr. Samson Okwu amongst others.
Governor Fashola in his speech urged the National Assembly to expeditiously deal with the Pension Reforms Act 2004, which had been returned to Parliament for a re-examination stating that “we continuously have to reflect and rethink and that is why the bill is back in Parliament.”
Similarly, Governor Amosun noted that the responsibility of every government was to encourage its workers to realise the dignity in labour adding that “his administration has demonstrated in many ways that the government is concerned about the welfare of its workforce.”
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