PenCom urges state governments to adopt Contributory Pension Scheme

The National Pension Commission (PenCom) has urged state governments to adopt the Contributory Pension Scheme (CPS) for their workers.

PenCom’s Head of Corporate Communication, Mr Peter Aghahowa, made the call during the verification for year 2020 retirees in Owerri on Monday.

Aghahowa lauded the Federal Government for remaining steadfast in its commitment to better living conditions for Nigeria’s retirees by establishing the scheme.

He called on the state governments to follow suit by setting up Pension Bureau.

He described the CPS as `a means to a better end’ adding that only states who subscribed to the scheme and issue a bond could access the over N9 trillion accumulated under the scheme.

Aghahowa listed some of the compliant states to include Edo, Lagos and Kaduna, stating that some states had yet to comply fully while others had yet to begin the process.

“The CPS enables workers to retire better and we must commend the Federal Government for remaining steadfast in the pursuit of better living conditions for our retirees.

“It is however, regrettable that some states are yet to establish the necessary legislative framework that would enable them to key into the system.

“We urge them to establish the administrative structure that will drive the implementation of CPS in the states to enable them to access the available funds and enable workers retire better,”.

News Agency of Nigeria (NAN) reports that the pre-retirement verification centre in Owerri attends to some 1,200 to 1,500 prospective retirees from Imo, Abia and Ebonyi states, with 14 other centres spread across the federation.