FG launches pension plan for self-employed, informal sector workers

Joseph Inokotong, Abuja

As part of the initiatives to bring financial inclusion to all working Nigerians, President Muhammadu Buhari will today launch the Micro Pension Plan (MPP).

The plan, which is an initiative of the National Pension Commission (PenCom) aims at providing pension services to self-employed persons in the informal sector and employees of organizations with less than three staff.

The informal sector constitutes an estimated 69 million work force in the country and represents an estimated 88 per cent of Nigerian workers who lack pensions and safety nets in their old age.

A statement from the Head, Corporate Communications, PenCom, Peter Aghahowa said the goal of the commission is to achieve coverage of 30 million people in the informal sector by 2024.

“The formal launch is the official flag off of the plan and attests to the objective of the current administration to provide ample opportunities for financial inclusion and economic stability for more Nigerians in the informal sector.

“This initiative gives the self-employed professionals, entertainers, lawyers, doctors, entrepreneurs, artisans and casual workers the opportunity to save for pension,” he said.

The launch signifies the commencement of activities that will culminate in the full implementation of the new scheme, said the statement.

It further stated that the “National Pension Commission and the pension operators will continue the education and sensitization of the public through robust campaigns across traditional, social and digital media while the registration of contributors will follow in subsequent months.

“The National Pension Commission remains committed to good corporate governance and high ethical standards that will ensure the success of the Micro Pension Plan.