Worried by the level of injustice meted on public and private retirees by their former employers, the Honourable Member Representing Abak/Etim Ekpo/Ika Federal Constituency in Nigerian House of Representatives, Rep. Clement Jimbo has called for the amendment of the 2004 Pension Act to address inhuman treatment of senior citizens of Nigeria who have paid their dues through diligent services to the government and private sectors of the Nation.
Presenting the motion on Tuesday, at the Green Chamber of the National Assembly, the Deputy Chairman of House of Representatives Committee on National Planning and Economic Development, frowned at the agony bedevilling our elderly citizens in the course of collecting what they saved for their olden days while in active service.
Rep. Jimbo, further expressed displeasure on how Managers of their Contributory Pension Scheme denied them of having greater share of their lump sum after retirement as a paltry sum (25% of the total amount credited to their Retirement Saving Accounts) is usually dispensed to them across board under the scheme; whereas the balance of 75% is usually retained by the Pensions Fund Administrators for investment in capital market with high returns, which is never added to the retirees’ monthly payments.
He further reiterated that the rising value of dollar against the naira, the recent removal of fuel subsidy and increase in price of goods and services has made such paltry monthly payments, which remain the same for several years grossly insufficient to sustain the retirees who had served the country honourably for 35 years and called on the National Assembly to amend the 2004 Pension Act which deals with retirement benefits, to make it optional and to bring it in conformity with the current economic realities.
The motion which was widely supported by the Parliamentarians, was referred to the House Committee on Pension to interface with relevant stakeholders to address the yearnings of the retirees.
