The Nigerian Labour Congress (NLC) has called on the National Pension Commission (PenCom) to increase the retirement savings account withdrawal limit from 25% to 50%.
NLC President Joe Ajaero made this demand during a roundtable discussion with PenCom management in Abuja on Thursday.
Ajaero emphasised that the proposed increase would enable workers to address pressing financial needs, including investments in agriculture, education, and healthcare, amid the current economic challenges.
The NLC also expressed deep concern over the continued absence of a fully constituted PenCom Governing Board, warning that this threatens the integrity of the Contributory Pension Scheme.
The NLC further urged PenCom to leverage technology to shorten processing times for retirees to access their entitlements, ensuring payments within weeks, not months.
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It called on the Commission to establish a Standing Committee to formalise a committee to meet quarterly and proactively address workers’ grievances.
It wanted the commission to take immediate action against ineffective Pension Fund Administrators and defaulting employers, including publishing their names and applying stiffer sanctions.
In response, PenCom Director-General Mrs. Omolola Oloworaran highlighted the significance of the Contributory Pension Scheme, describing it as a transformative social reform that has restored confidence and dignity in retirement.
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