Expert Wants New Pension Scheme For Workers

The Managing Consultant  of
FrezimasManpower Development and Research Centre (FMDRC), Godfrey Thomas has called on government at all levels to adopt a new pension scheme for its workforce in line with the current economic realities.
Thomas who was speaking at a 2-day seminar with the theme “Pension Fund Scheme and Due Process in Public Procurement” which was held in Port Harcourt recently at the instance of the Local Government Service Commission.
According to him, the Pay-As-You-Go method has failed because it largely depends on statutory allocation which does not come regularly.
He stressed that government should shift from the Pay-As-You-Go method to the new pension schemes that would address the problems faced by retirees.
He explained that the new pension schemes would provide retirees with a means of securing a standard of living reasonably consistent with that their days in service.
Thomas lauded the Local Government Service Commission for its effort at repositioning the Local Government Staff Pension Board in line with global best practices in the management of pension scheme.
Speaking on the topic: “A Practical Approach to The Understanding of Pension Administration Under Pay-As-You-Go”, one of the resource persons, Sir Cletus Idu said at the end the seminar participants were expected to know the importance of Record of Service; Pensionable Service, Deathe Benefits, Gratuity and Pension Computation, Voluntary Retirement, Withdrawal from Service among others.
Another resource person, Sir Promise Njiowhor who spoke on the “Principles of Public Procurement” said the topic was drawn from the Provisions of Public Procurement Act,  2007 of the Federal Republic of Nigeria.
He explained the meaning, attributes and administration of Public Procurement Act.
The seminar was attended by over 200 participants drawn from 23 Local  Government  Councils of the state.

Susan Serekara-Nwikhana