The National Pension Commission, which in March, 2019, launched the Micro Pension Plan with high expectations, said over N32.32m of the contributions have been invested as at June 2020.
From the softly softly sign in by contributors to the dismay of Pension Fund Administrators in the early months following the launch by President Mohammadu Buhari, the number of contributors has hit 25,691 as at the end of third quarter of 2019.
PenCom statistics stated that by end of same period, N978,492.50 MPP funds were paid to contributors retirement savings accounts. The national pension regulator also stated that 4,257 contributors were registered in the third quarter of 2019.
In order to make the plan the watershed of pension for the informal sector as envisaged, PenCom said its effort to enlighten and inform the workers in that bracket of the wide range of advantages built into MPP is being sustained.
On its steady and sustained effort to keep the sign in unbroken, the Commission stated that it produced the translated Frequently Asked Questions (FAQs) on the MPP into three major Nigerian languages and pidgin English for easy understanding for the MPP participants.
“In order to achieve the pension industry’s strategic objective of covering 30 percent of the working population in Nigeria under the CPS by the end of 2024, the Micro Pension Plan is being given impetus as an initiative that would ensure the coverage of this important segment of the Nigerian economy. Sequel to the formal launch of the Micro Pension Plan by His Excellency, President Mohammadu Buhari in March, 2019, the registration of contributors has commenced under the plan,” PenCom stated.
The Pension Reform Act 2014, the Commission reiterated expanded coverage of the Contributory Pension Scheme to the self- employed and persons working in organisations with less than three employees, adding that this category of workers constitute the large segment of working population in the country.