Business
Surveyors Task RSG On Pension Fund
The Nigerian In stitution of Estate Surveyors and Valuers (NIESV), Rivers State branch, has urged the State government to ensure that the pension fund is put to use for more meaningful development in form of mortgage, rather letting the fund to lie idle.
This reaction follows the enactment and enforcement of the Rivers State compulsory contributory Pension Fund Law for all Public Servants in Rivers State, which is expected to take effect from this July 2012.
Speaking in an interview with The Tide in Port Harcourt, the Chairman NIESV, Rivers State, Mr. Emmanuel Wike stated that experience had shown that funds that were generated through the pension, like that of the federal government was either left idle in the bank or diverted to programmes that benefited few individuals.
He said that such funds, which were generated through deductions from workers’ salaries could be put to more meaningful venture like mortgage, so as to provide funds for property development that will make workers own houses.
According to him the issue of funds for mortgage have been a problem in housing development, especially in Rivers State where there is high demand for housing by public servants, many of whom retire without owing their own houses.
Wike therefore urged the state government to take advantage of the contributory pension funds to provide adequate mortgage for development of housing in the state.