Pensioners represented by the Nigerian Union of Pensioners Contributory Pension Scheme (NUPCPS) are urging the federal government to enhance the well-being of retirees and workers alike.
NUPCPS believes that the government’s Contributory Pension Scheme (CPS) is still not favorable to retirees. Comrade Bisan Olufemi John, the Secretary of the Union, emphasized this point during the 8th Annual National Conference of the Nigerian Association of Insurance and Pension Editors (NAIPE).
He asserted that for the government to effectively address economic challenges, it must prioritize the welfare of both pensioners and current employees.
According to John, focusing on the workforce‘s well-being is essential before considering economic growth.
John pointed out that the government has failed to fulfill its obligations under the Pension Reform Act 2014, as it has not paid group life insurance claims to the next of kin of deceased civil servants for over three years.
Pensioners affected by trapped funds
Some pensioners have been adversely affected by funds being trapped in failed insurance companies.
He called on the government to create better opportunities for pensioners to enjoy their retirement fully, emphasizing that retirees’ welfare should extend beyond receiving stipends.
Comrade Funmi Sessi, Chairman of the Nigeria Labour Congress (NLC) Lagos Chapter, echoed these sentiments, expressing concern that Nigerian pensioners have yet to experience the retirement they deserve.
She stressed the importance of pensioners reaping the rewards of their years of labor.