President Muhammadu Buhari will on Thursday launch the Micro Pension Plan, an initiative of the National Pension Commission (PenCom), aimed at providing pension services to self- employed persons in the informal sector and employees of organizations with less than 3 staff.
In a statement by the commission’s spokesperson, Peter Aghahowa, the goal of PenCom is to achieve coverage of 30 million people in the informal sector by 2024.
The Micro Pension Plan (MPP) is part of the Federal Government’s efforts to bring financial inclusion to all working Nigerians, through the National Pension Commission.
“As part of the initiatives to bring financial inclusions to all working Nigerians, the President of the Federal Republic of Nigeria, Muhammadu Buhari will on Thursday, March 28, 2019, launch the Micro Pension Plan (MPP) at the State House in Abuja,” the statement noted.
“The plan, which is an initiative of the National Pension Commission (PenCom) a statement from the State House, said was aimed at the provision of pension services to self-employed persons in the informal sector and employees of organisations with less than three staff
“The informal sector constitutes an estimated 69 million workforce in the country and represents an estimated 88 per cent of Nigerian workers that lack pensions and safety nets for their old age.
“The goal of the commission it said, was 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 among others the opportunity to save for pension.
“The launch signifies the commencement of activities that will culminate to the full implementation of the MPP,” it added.
Aghahowa further said that, to make the scheme work, the National Pension Commission and the pension operators would continue the education and sensitisation of the public through robust campaigns across traditional, social and digital media, while registration of contributors would follow in subsequent months.