Saturday, July 5, 2025
23.3 C
Lagos

PenCom Targets N22tn Pension Contributions by End 2024

The National Pension Commission (PenCom) says it expects pension contributions under the Contributory Pension Scheme (CPS) to hit N22 trillion by the end of 2024.

Ms. Omolola Oloworaran, the Director-General of PenCom said at a one-day media conference in Lagos that the figure clearly suggests sustainable growth of the CPS initiative in Nigeria.

She added that the scheme also recorded a total of 10.5 million contributors as at October 2024.

On micro-pension, the PenCom DG said:

“We want to rebrand the micro-pension initiative and give it a new name. The key objective is to remodel it to encompass the large number of the target audience in the informal sector. We are looking at a target of 20 million contributors from the informal sector. We are also looking at technology to drive the process seamlessly.”

Oloworaran said a total of eight states have so far complied fully with the provisions of the CPS, adding that the Commission is engaging with the remaining states across the federation on the issue.

spot_img
spot_img
spot_img

Hot this week

MTN, 9mobile Ink National Infrastructure Partnership Deal

L-R: Abolaji Idowu, Chief Financial Officer, 9mobile; Omotola Ojutayo,...

Stanbic IBTC Holding’s N148bn Rights Issue Oversubscribed by 21.9%, Injects N140bn into Stanbic IBTC Bank

Acting Group CE Statement Commenting on the just concluded rights...

NAICOM Hands over New Licences to SanlamAllianz Life, General Insurance

The National Insurance Commission (NAICOM) today handed over new...

Access Bank Highlights Leadership at Climate Governance Initiative Launch

Access Bank Plc has once again demonstrated its leadership...

Fidelity Bank Extends Relief Efforts to Eti-Osa Community with Food Bank Initiative

Henry Asiegbu, Divisional Head, Operations, Fidelity Bank Plc (Left);...

Topics

NDIC, Others Harp on Banks, Fintech Collaboration Towards Nigeria’s $1trn Economy

For Nigeria to achieve the $1trillion Gross Domestic Product...

IDC to Host ‘Digital Retail Summit 2017’ in Turkey

International Data Corporation (IDC) is pleased to announce the...

NCDMB, NLNG Ramp up HCD Training as $5bn Train 7 Project Hits 80% Completion

The Nigerian Content Development and Monitoring Board (NCDMB) and...

Africa Offshore Oil Development Attracts U.S. Grant

The United States and Nigeria are teaming up to...

How NCC’s Strategic Management Plan Will Drive Digital Economy

 Professor Umar Danbatta Executive Vice-Chairman Nigerian Communications Commission The Honourable Minister of...

Insurance Group Seeks Market Growth via Media Support

The Chairman of the Governing Council, Insurance Industry Consultative...
spot_img

Related Articles

Popular Categories

spot_imgspot_img