The Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, has announced plans to remodel the micro pension scheme to enhance participation among individuals in the informal sector.
Speaking at the 2024 PenCom Media Conference in Lagos, Oloworaran acknowledged that the current micro pension scheme has not resonated effectively with its target audience. “What we are doing with a micro pension is treating it a little differently from how we were doing it before,” she said. “As we know, the micro pension doesn’t resonate with everyone within the informal sector.”
Oloworaran emphasized the need to rebrand the scheme to make it more appealing and accessible to individuals in the informal sector, including farmers, fashion designers, and other self-employed individuals.
“We want to remodel the micro pension plan and let it speak to individuals in the informal sector directly,” she stated. “We are also looking at the technology that can work for us. The numbers we are looking at are enormous. Right now, we have over 10 million contributors under the CPS in the formal sector, but under the informal sector, we have tens of millions of people.”
Oloworaran highlighted the importance of increasing participation in the micro pension scheme, stating that it is crucial for the financial security of a large segment of the Nigerian population.
In addition to revamping the micro pension scheme, PenCom is actively working with states to domesticate the contributory pension scheme, expanding its coverage and ensuring greater financial security for a wider segment of the Nigerian workforce.
This initiative by PenCom reflects a commitment to enhancing financial inclusion and promoting sustainable retirement planning for all Nigerians.
Follow us on Instagram.
https://www.instagram.com/businessnewsng?igsh=ZXpweTdjOGF1ZXdu
