Nigeria. Contributory Pensions Scheme Vs Pension Reform Act 2014 Amendment: A Preamble
It is clear from the One-Day public hearing on the multiple bills to amend the Pension Reform Act 2014 at the House of Representatives in Abuja on Thursday 28 September, that important stakeholders in the pensions sector, namely, the Nigeria Police Force, Nigeria Labour Congress, Trade Union Congress, Central Bank of Nigeria, Nigeria Employees Consultative Association, Securities and Exchange commission, National Pension Commission, Nigerian Union of Pensioners and Pension Funds Operators Association of Nigeria, among others, have decided to pass a vote of confidence enmasse on the Contributory Pensions Scheme instead of exiting it as was hitherto planned.
Effectively, the tables have turned against the multiple amendment bills being sponsored by Oluwole Oke, a member of the House of Representatives, and a senator Aliyu Wamako, to alter the Pension Reform Act 2014, to exempt a large chunk of the paramilitary organisations from the Contributory Pensions Scheme. This latest twist certainly signifies the readiness of these stakeholders to support the consolidation of the gains of the CPS and avoid policy reversals that could undermine public confidence and negatively impact the Nigerian economy and the Federal Government’s Change Agenda and economic recovery plans.
Prior to this public hearing, officers and men of the Nigeria Police, Security and Civil Defence Corps, Nigeria Immigration Service, Economic and Financial Crimes Commission, Independent Corrupt Practices and Other Related Offences Commission, National Drug Law Enforcement Agency, and other related paramilitary agencies had sought exit from CPS.
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