The Nigerian Labour Congress (NLC) has urged the National Pension Commission (PenCom) to raise the Retirement Savings Account (RSA) withdrawal limit from 25 percent to 50 percent. NLC President Joe Ajaero made the proposal during a round‑table discussion with PenCom management in Abuja, arguing that a higher limit would help workers meet critical financial needs—such as investments in agriculture, education and healthcare—amid the country’s current economic challenges.
The discussion, themed “Consolidating the Gains of the Contributory Pension Scheme through Collaboration with Social Partners,” also highlighted the need to constitute a fully functional PenCom Governing Board. Ajaero warned that the absence of a complete board hampers strategic oversight, delays key decisions and undermines proper governance, threatening the integrity of the Contributory Pension Scheme (CPS).
The NLC further called for improved worker benefits and greater accountability, including the use of technology to shorten processing times for retirees’ entitlements. It proposed quarterly meetings between the NLC and PenCom to address workers’ grievances and urged regulatory action against ineffective Pension Fund Administrators (PFAs) and defaulting employers.
PenCom Director‑General Omolola Oloworaran acknowledged these concerns and reaffirmed the commission’s commitment to key reforms, including the “Pension Revolution 2.0” initiative, which aims to expand coverage, strengthen regulation and enhance service delivery. Oloworaran also announced the renaming of the micro‑pension scheme to the “Personal Pension Plan” and invited the NLC’s input on proposed amendments to the Pension Reform Act 2014.
The dialogue underscored the importance of collaboration between PenCom and the NLC in strengthening the CPS. Oloworaran noted that the commission values its partnership with the NLC, recognizing the organization’s role in championing the cause of Nigerian workers. As PenCom prepares to intensify its regulatory activities, this partnership is expected to play a crucial role in achieving the commission’s goals and maintaining workers’ trust in the pension system.
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