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The total aggregate accumulation by all contributors to the contributory pension fund now reached N1.6 trillion as at the end of March 2010, the Chief Executive Officer (CEO), National Pension Commission (PENCOM), Mr. Muhammad Ahmad has disclosed.
He said that the contribution of workers in the Nigeria is from both private and public sectors, adding that, the total was generated under the new scheme, which came into being five years is now.
Ahmad said the Commission under the new pension reform scheme has as at today, registered 38 operators and players within the industry with over four million contributors or employees nationwide. He said that by law all employers exceeding more than five employees nationwide are expected to register with the Commission. He revealed that there are currently 160,000 private sector employers.
While admitting that PENCOM organizes specific training especially in pension related matters, he said, "We need to go beyond that and given the capacity of what you have, perhaps we shall collaborate on specific issues that need on the industry whether they are interrelated or on issue relating to organisation, process and procedures, we shall be able to tackle so that PENCOM can benefit from you."
He said PENCOM has been seriously faced with the serious challenge of lack of data in the past and will appreciate leveraging on CMD for its collaborative endeavour with the National Bureau of Statistics (NBS) for support.
Ahmad explained that one of the areas the Commission is having problem is in the informal sector which has become so difficult to regulate because of lack of documentation by small holding family companies.
He said the under the new scheme the Commission is pursuing its mandate based on voluntary compliance and education.
The total aggregate accumulation by all contributors to the contributory pension fund now reached N1.6 trillion as at the end of March 2010, the Chief Executive Officer (CEO), National Pension Commission (PENCOM), Mr. Muhammad Ahmad has disclosed.
He said that the contribution of workers in the Nigeria is from both private and public sectors, adding that, the total was generated under the new scheme, which came into being five years is now.
Ahmad said the Commission under the new pension reform scheme has as at today, registered 38 operators and players within the industry with over four million contributors or employees nationwide. He said that by law all employers exceeding more than five employees nationwide are expected to register with the Commission. He revealed that there are currently 160,000 private sector employers.
While admitting that PENCOM organizes specific training especially in pension related matters, he said, "We need to go beyond that and given the capacity of what you have, perhaps we shall collaborate on specific issues that need on the industry whether they are interrelated or on issue relating to organisation, process and procedures, we shall be able to tackle so that PENCOM can benefit from you."
He said PENCOM has been seriously faced with the serious challenge of lack of data in the past and will appreciate leveraging on CMD for its collaborative endeavour with the National Bureau of Statistics (NBS) for support.
Ahmad explained that one of the areas the Commission is having problem is in the informal sector which has become so difficult to regulate because of lack of documentation by small holding family companies.
He said the under the new scheme the Commission is pursuing its mandate based on voluntary compliance and education.
