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Imo,22 others yet to join Contributory Pension Scheme

…Pensioners in agony

The pension challenges in Imo State may have to continue for a long time as the state is listed with 22 days as among states yet to join the Contributory Pension Scheme(CPS) in Nigeria.

The disclosure came from the regulatory authority, Pension Commission of Nigeria(PENCOM) in a document marked ‘status of Implementation of CPS in Nigeria.

The twenty-three states according to report were yet to comply with the Contributory Pension Scheme established by the Pension Reform Act of 2004.

The CPS as enacted encourages both the employee and employer to contribute towards the payment of the employee’s pension at retirement.

The CPS requires a minimum rate of 18 percent contribution of the employee’s monthly emoluments, with 10 per cent coming from the employer where as the employee is to eight per cent in seeing to it that employees in both private and public get their benefit at the end..

Moreso,the document listed 13 out of the 23 states as having enacted laws to guide the implementation of the scheme but, were yet to commence their remittances.

The states as listed were- Adamawa, Bayelsa, Ebonyi, Enugu, Gombe, Imo, Kano, Kogi, Nasarawa, Oyo, Sokoto, Taraba and Abia.

Furthermore,the reported that eight of the 23 states had commenced the framework for the implementation with bills that pending at their respective Houses of Assembly.

The states are Bauchi, Benue, Borno, Cross River, Katsina, Kwara, Plateau and Akwa Ibom.

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