My people, hear dis one well – more than 75 million Nigerians dey waka for informal sector, but dem no go fit retire with any pension or retirement savings. Na wetin PenCom Director-General, Omolola Oloworaran talk for Abuja.
She dey gist us say, as e stand now, over 90 percent of our workforce dey hustle for informal economy, but when we talk pension, dem dey coverage dey as low as 0.25 percent. You fit imagine? Only 0.25 percent? Na wah!
According to her, this matter no be small wahala, as millions of traders, artisans, farmers, and transport workers dey face serious risks. She talk say, after plenty years of hard work, old age suppose bring comfort, no be stress. This gap wey dey for pension coverage na real food for thought.
Since the Pension Reform Act wey comot in 2004, e don change plenty things o! Pension wey no get funding don turn to structured savings wey dey protect workers who sabi work for formal side. But wetin about those wey dey hustle for street? Dem still dey left behind.
Na true say, Nigeria don get one of di biggest pension systems for Africa, with over 27 trillion Naira on top pension assets. But still, we need to go deeper to cover all our people wey dey informal sector. PenCom don introduce new regulations to fit bring these informal workers enter di pension plan. Dem don come up with accredited agents and new personal pension plans to fit attract more people.
Oloworaran talk say technology go play big role for dis matter. If we wan reach over 75 million Nigerians wey dey informally hustle, we need to fit use their phones, come dey do things like small, flexible contributions. E go make am easy for dem to save for di future. She caution say everything wey we dey do now suppose make life easier for Nigerians.
Awabah come carry enter as di first licensed pension agent under dis new system. Tunji Andrews, di CEO of Awabah, follow say dem reason am so as dem start di company, no African worker suppose dey one accident away from poverty. Dem dey use this network to protect our informal workers with pension plans wey get insurance. E good make dem dey think about di future now!
As we dey talk now, if dem fit combine insurance with pensions, na only N3,000 a month, those artisans and traders fit get coverage on top health, accident, and even life insurance. Na so e go be for our people to dey secure their tomorrow.
No forget say despite di huge reforms wey don happen since 2004, over 90 percent of informal workers never jam any pension coverage. Na for dat reason PenCom don carry out dis new initiatives to protect dem. E go better if all of us dey involved for dis matter.
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