By Favour Nnabugwu
Not less than N22.4biiion has been by Micro Pensioners as contingency withdrawal From 118 Micro Pension Companies, MPC as at July 2022, according to the Director-General of the National Pension Commission, PenCom, Mrs Aishat Dahir-Umar
Dahir-Umar during a one-day workshop the Commission organised for Pension Correspondents Association, PENCAN in Abuja
Conversion from informal to formal sector hit N4.9bn from 430 Retirement Savings Accounts, RSA, while the total contributions under the Micro Pension Plan(MPP) has risen to N296.96 million with 81.6m registered as at July 31, 2022, about three years after its launch.
Represented by the Head, Micro Pension, Mr Dauda Ahmed in her paper, Micro Pension Plan: Bringing Financial Security
at Old Age to the Doorsteps of the Informal Sector.
PenCom DG said the commission’s commitment to creating awareness and holding social dialogue on the workings of the Contributory Pension Scheme(CPS).
“The MPP was conceptualised to expand pension coverage to the informal sector, including small-scale businesses, entertainers, professionals, petty traders, artisans, and entrepreneurs.
“The MPP was implemented to curb old-age poverty by assisting the workers, as mentioned above, to contribute while working and build long-term savings to fall back on when they become old,” she stressed.