OPS reports that a staggering 63 million Nigerian workers remain unenrolled in the contributory pension scheme

Some members of the Organized Private Sector (OPS) have revealed a concerning statistic: out of the 73 million Nigerian workers, only 10 million have enrolled in the Contributory Pension Scheme (CPS).

This revelation was made during an interactive session on the Contributory Pension Scheme for the OPS, which was organized by the National Pension Commission in collaboration with the Nigeria Employers Consultative Association (NECA) in Enugu.

Dr. Onyeka, the Enugu State Chairman of the Chartered Institute of Personnel, expressed deep concern about the low enrollment of workers in the CPS, describing it as unfortunate. He pointed out that while federal workers and employees of multinational companies in Nigeria are complying with the Pension Scheme Act of 2014, most workers in the informal sector have not yet embraced the scheme.

He attributed the higher compliance of employees of multinationals to the way they are structured to function efficiently.

One of the key factors contributing to the poor enrollment of Nigerian workers in the Contributory Pension Scheme is corruption, according to Okoh. He also emphasized the lack of strong will on the part of regulatory bodies as another significant reason for this issue. To improve the situation, Okoh stressed that addressing corruption is paramount.

Highlighting the importance of enrolling in the CPS, Mr. Ugo Chime, the South East Chairman of the National Employers Consultative Association (NECA), pointed out that the PenCom scheme has transformed the retirement experience for workers. Before the implementation of the scheme, life after retirement was often described as uncertain and unpredictable. However, the Pension Reform Act of 2014 has significantly changed this narrative.

Chime emphasized that the Act and successive PenCom leadership have brought about numerous improvements and innovations in the administration of the pension scheme. These changes have created a more predictable and secure retirement environment for Nigerian workers, making it crucial for more people to enroll in the CPS. This would ensure a better future for retirees in the country.