• Business - Companies
  • Updated: March 31, 2023

PenCom Calls On Self-Employed To Enroll In Micro Pension Plan

The National Pension Commission (PenCom) has urged artisans, traders and other self-employed people to enroll in the Micro Pension Plan of the commission to guarantee a functional retirement plan they can hold-on to.

Abdulqadir Dahiru, the Head, Corporate Communications of PenCom, made the call in Enugu on Thursday.

He stressed the importance of the Micro Pension Plan to Nigerians in the informal sector and those working in organizations with less than three employees.

Dahiru noted that about 90 per cent of workers in Nigeria are in the informal sector, adding that this category of workers have no pension protection for old age and with the increase in people living long, “there is a risk of old age poverty”.

According to him, the Micro Pension Plan platform provides workers in the sector the opportunity to easily register and contribute in a flexible manner and in a safe and secure environment for their pension at retirement.

“The Micro Pension Plan is a flexible plan, where the artisans, traders and even a woman that sells fried beans cake (akara) can register with and agree a periodic amount she/he would be contributing according to her/his earnings.

“The contributors, within this flexible Micro Pension Plan for all Nigerians in the informal sector, can even draw out 40 per cent of what they have saved for emergency demand.

He said the remaining 60 per cent would remain and await for the retirement plan proper.

“So, it is a means of savings also for those in the informal sector and where they can fall back to and get financial assistance to keep their daily engagements going,” he said.

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Felicia Abisola  Olamiji
Felicia Abisola Olamiji

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