NIGERIA TO LAUNCH MICRO PENSION SOON

The National Pension Commission (PenCom) said it is developing necessary infrastructure in readiness for the launch of its Micro Pension Scheme.

This is in line with the commission’s strategic objective of expanding coverage of the Contributory Pension Scheme (CPS) to accommodate the informal sector.

The plan to broaden the coverage of the CPS has been in the pipe-line for a long time.

Meanwhile the commission said that the net asset value of the Contributory Pension Fund has increased from N7.52 trillion to N7.779 trillion as at February 28 2018.

This figure represents an increase of N270 billion up from N7.52 trillion recorded as at December 31 2017.

In the same vein, the number of contributors has grown by 390,000 from 7.50 million as at March 31 2017 to 7.89 million as at February 2018.

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