Nation
Stakeholders Hail Senate’s Move To Review Pension Reform Act
Some stakeholders have commended the move by the Senate to review the lump sum paid to retirees from their savings from 50 per cent to 75 per cent.
The stakeholders, who spoke in separate interviews with newsmen in Ibadan yesterday Thursday, described the move as a welcome development.
Dr Victor Makanjuola, National President, Medical and Dental Consultants’ Association of Nigeria (MDCAN), said that most retirees felt cheated with the returns from their Pension Funds Administrators (PFAs).
Makanjuola said that this had informed the demand for the upward review of the retirement funds.
He said: “After the initial 50 per cent lump sum, what retirees get each month subsequently is peanut, despite the number of years that retirees had made the savings.
“But, with the upward review, it will be possible for retirees to get 75 per cent and invest it on ventures that will yield lots more than what the PFAs will be giving to them.
“It is a good thing because it will make lots of retirees get better value for their money,” he said.
Makanjuola, however, noted that the move to increase the lump sum to retirees had its pros and cons.
“For instance, there may also be some retirees who will invest wrongly or squander their money and are left with just 25 per cent for the rest of their life.’’
He, however, said the latest would be of great benefit to those who invested their monies wisely because of the meager yield from PFAs.
Also, Mr Wale Akinremi, Chairman, Senior Staff Association of Nigerian Universities (SSANU), University of Ibadan chapter, told newsmen that the move was in the right direction.
Akinremi said that the prevailing economic situation in the country called for the upward review.
“When you look at the current monetary policy in Nigeria, devaluation of currency and all that, they affect the value of what retirees get.
“It is indeed an answer to the yearnings of the workers, as they have been at it for quite a while,’’ he said.
Mrs Abiola Mapaderun, a civil servant in Oyo State, also lauded the initiative, saying that it would bring succour to retirees, considering the economic situation in the country.
It was gatherd that Sen. Aliyu Wamakko, representing Sokoto North senatorial district, had sponsored the bill to amend the Pension Reform Act 2004 to grant retirees access to 75 per cent of their pension savings.
Nation
REAN, SON synergise to curb fake renewable energy product
Nation
Self Help Africa programme expands water access for 320,000 Nigerians
Nation
Lagos Residents Stranded As Floods Cut Off Ajah, Mafoluku Communities
-
News4 days ago
Rivers Court Jails Man Seven Years For Defiling Minor …Directs N5 Million Upkeep For Victim
-
News4 days ago
Alleged Coup Plot: DSS Docks Five For Hiding Sylva’s Whereabouts
-
Politics4 days agoAtiku Names Kenneth Okonkwo As Spokesperson
-
Niger Delta4 days ago
24 Nigerian Universities Make 2026 THE Rankings … 4 S’South Versitieis Pull Through
-
News4 days agoFG To Replace NYSC Khaki With Adire
-
News4 days ago
BOI Unveils Maiden Impact Report, Disburses N644.9bn In 2025
-
News4 days agoFubara Seeks Full Resolution Of Bille Gas Leakage …Pledges Upgrade Of Community Health Centre
-
Women4 days ago
NAWOJ Seeks Partnership With Hotel Presidential On Summit
