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  • Business - Economy
  • Updated: November 13, 2023

Why informal sector workers should adopt pension plan — PenCom

Why informal sector workers should adopt pension plan — Pe

Aisha Dahir-Umar, the Director-General of the National Pension Commission, has urged informal sector workers to embrace the Micro Pension Plan as it helps in saving for retirement.

Dahir-Umar, who was represented by the Head of the Southwest Zonal Office of PenCom, Sola Adeseun, spoke during the commission’ special day at the Lagos International Trade Fair organised by the Lagos Chamber of Commerce and Industry in Lagos on Friday.

She said, “Participating at the trade fair is just one of our strategies in creating awareness on the MPP. Aside from this, PenCom also reaches out to market women across the country, to have sessions with them, so that they can also contribute to the micro pension plan to have something to fall back to in their retirement age.”

She disclosed that the MPP has been embraced in Lagos and the zonal office was intensifying efforts at creating more awareness of the MPP within the South West geo-political zone.

Also speaking, Dauda Ahmed, the Head of the Micro Pensions Department at PenCom, said the MPP was introduced by the Pension Reform Act 2014, to allow individuals working in organisations with fewer than three employees and self-employed individuals, to voluntarily participate in the Contributory Pension Scheme, and save for their retirement age.

"The MPP presents a significant opportunity for workers in the informal sector to secure their future through retirement savings,” he said.

He said the scheme’s awareness level among artisans, entrepreneurs, and participants in the informal sector had increased in the last few months, as over 97,000 contributors had enrolled on the MPP.

 

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