Nigeria: The Informal Sector To Benefit From The Contributory Pension Scheme
In a bid to strengthen the post-retirement financial capability of all working Nigerians (across all sectors of the economy), the National Pension Commission (PenCom) has finalised plans to launch the micro pension plan (MPP) on Thursday, 28 March 2019.
The MPP will allow employees of organizations with less than three staff as well as self-employed individuals to participate in the contributory pension scheme. The move to expand the scope of coverage of the contributory pension scheme will potentially mean more people will have their retirement catered for, as the informal sector of the economy accounts for about 88% of workers without pension, according to PenCom.
The MPP will be open to Nigerian residents (including foreign nationals resident in Nigeria) who are 18 years and above and are:
Self-employed with a business registered as a company, partnership or enterprise, including persons belonging to trade, professional, cooperative or business associations; or
Operating in the informal sector and working with or without formal written employment contracts; or
Employees in organisations with 3 staff or less
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