CPS contributors rise by 390,000 to 7.90m

May 6th, 2018

The National Pension Commission (PenCom) has disclosed that the total number of contributors under the contributory pension scheme has grown to 7.90 million as at 28th February 2018, surging by 390,000 from 7.50 million recorded as at 31st March, 2017.
Disclosing this while declaring open, a one day workshop for pension correspondents and business editors held in Uyo, the Akwa Ibom State Capital, the Acting Director General, PenCom, Aisha Ahir-Umar stated that the commission was intensifying efforts aimed at ensuring provision of necessary infrastructure for the launching of the Micro Pension scheme in the line with commissions strategic objective of expanding coverage of the CPS to the under-served sector.
The Acting DG, represented by the Commissions Secretary and Legal Adviser, Mohammed Sani, assured that the guideline for the micro pensions were being finalized preparatory to the commencement of the scheme.
Speaking further, she pointed out that the net assets value of the pension assets of the Contributory Pension Fund has equally risen to N7.779 trillion as at 28th February, 2018, representing an increase of N270 billion up from the value of N7.52 trillion recorded in the comparable period of 2017.
She attributed the increase to new contributions received, interest/coupon from fixed income securities and net released/unrealized gains on equities and mutual funds investment.
PenCom boss assured that based on the positive disposition of the federal government towards settling outstanding pension liabilities, as evidenced by the release of N54 billion in April 2017, it is expected that these liabilities will soon be cleared.

Similar Post You May Like read more
Just In read more