Seven Nigerian states yet to enact contributory pension laws
Nigeria, March 25 -- Seven states in Nigeria were yet to enact contributory pension laws as of December 2020, the National Pension Commission (PenCom) has said in a report.
The Contributory Pension Scheme (CPS) was established under the Pension Reform Act of 2004, which was repealed and replaced with the Pension Reform Act in 2014.
It mandates a minimum contribution of 10 and eight per cent of employees" monthly emolument by the employer and employee respectively.
This is paid into the employee's Retirement Savings Account (RSA).
According to a report on the implementation of the scheme published by PENCOM, as of December ending, 25 states had the contributory pension laws. Five operated other pension schemes.
The remaining states ar...
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