Accountant Tasks Employers On New Pension Scheme

Following worries being expressed by workers in both the private and public sectors over the non-remittance of their employers’ counterpart contributions to the current contributory pension scheme introduced by the Federal Government, a principal accountant with Falcom Nigeria Limited, Lawrence Igbodo, has called on employers to fulfill their part of contributions to staff retirement savings accounts, explaining that the contributory pension scheme is especially beneficial to employees in the private sector.
Speaking during a chat with The Tide in Port Harcourt last Wednesday, he said “it has come to our notice that most employers are not fulfilling their part of the bargain by contributing their own part into employees’ pension accounts. For those of us in the private sector, the contributory pension scheme is a welcome development and would benefit us immensely unlike in the past when we had only severance pay as the only emolument after disengaging from active service”.
He appealed to the National Pension Commission (Pencom) to look into ways of getting employers to fulfil their part of the bargain while charging workers to diligently discharge their duties, and expressed the hope that their employers would one day see reason and live up to their responsibility.
Contributory pension scheme is pension’s scheme introduced by the federal government of Nigeria under the National Pension Commission, where employers and employees set aside certain percentage of their remuneration and accrued investment returns and tax relief are paid to the employee as retirement emoluments.

Tonye Nria-Dappa