Nigeria: FG inaugurates 16 board members of PENCOM
WorldStage Newsonline– The Federal Government of Nigeria has inaugurated 16 members of National Pension Commission (PENCOM) board, to proffer innovative and feasible solutions to the challenges of the pension administration in Nigeria.
Mr Boss Mustapha, Secretary to the Government of the Federation (SGF), at the inauguration on Thursday in Abuja, said members of the board were also urged to ensure the implementation of sustainable pension policies.
While congratulating the board members, Mustapha noted that Nigeria, in recent times had some challenges in the area of pension administration, in spite of the constitutional and statutory provisions that guarantee pension payment.
According to him, it was these challenges that necessitated the pension reform of 2004, which introduced a mandatory Contributory Pension Scheme (CPS) for employees of both public and private sectors, with few exceptions in the public service.
He, however, regretted that the sector could not meet its mandates of which it was established for, hence the need to re-establish the board to look into the challenges of the sector. “As a government, we are always conscious of our responsibilities with regards to payment of pensions to eligible retirees in the Federal Public Service.
Read more @World Stage
