(Sundiata Post) The Contributory Pension and Happy Retirement Advocacy (COPEHRA), a Non-Governmental Organisation (NGO), has harped on the need for all income earners to embrace the Contributory Pension Scheme (CPS).
Mr Sani Mustapha, an official with COPEHRA, gave the advice on Tuesday in an interview with the News Agency of Nigeria (NAN) in Abuja.
Mustapha said that keying into the CPS would be most beneficial to income earners toward guaranteeing and safeguarding a better future for them after retirement.
He, therefore, urged State Governments, the informal sector, business owners, workers, and the public to key into the CPS and the Micro Pension Plan (MPP) to enjoy the benefits.
”I can assure you that those that have not enrolled in the scheme are losing, especially those with the mindset that after 35 years of service, government will release monies to them.
“Government will not release monies meant to fund the health, security, education and other important sectors of the economy to them as pension, so they really need to wake up.
”The only reliable way to receive income after retirement is as you are getting your salary, save your pension into your retirement savings account, and you can do this through the CPS,” he said.
Mustapha added that the contributory pension in the first instance was created to ensure that Nigerian retirees got their pension as of when due.
He explained that this was because, as their salaries stopped, retirees would need a reliable and constant income to take care of themselves.
According to Mustapha, the newly introduced MPP is designed for workers and business owners in the informal sector.
”The informal sector workers, men and women market sellers, and the like really need to key into this scheme.
”As they are going to the market, they are using their strength, and they will get old. Thus, they need money to take care of themselves and other responsibilities.
”So this micro pension gives you that opportunity to set aside for the rainy days.
”The good thing about the plan is that if you need money before you retire, you can take part of it because a percentage is usually kept for you to access,” he explained.
Mustapha, therefore, advised those in the informal sector to approach the pension fund administrators through their unions and get registered.
”You will never regret it if you enroll” he added. (NAN)
