PenCom enjoins traders, youths to enrol in pension plan

n n

The National Pension Commission has urged traders, retirees and youths to enrol in its Personal Pension Plan to secure their future.

n

The Director-General of the commission, Omolola Oloworaran, made the call on Wednesday in Benin, Edo State, during the launch of the scheme among traders drawn from markets in the Edo South Senatorial District.

n

Represented by the National Commissioner, Finance, Dr Charles Emukowhate, the DG said the initiative was targeted at individuals in the informal sector and self-employed professionals.

n

She also commended President Bola Tinubu for approving the payment of N758bn to clear outstanding pension liabilities.

n

Oloworaran said the commission fixed the launch in March to coincide with the celebration of International Women’s Day, noting that women, particularly traders, stand to benefit from the scheme.

n

She said, “We are mobilising and sensitising women on the benefits of the personal pension plan. So, we are doing that all over the country. At the same time, men are also involved. It is for everybody in the country.

n

“Specifically targeted are those in the informal sectors or professionals who employ or may only work with themselves or one other person.”

n

She added that the commission would provide incentives by matching contributions of up to N20,000, while contributors could begin partial withdrawals after three months.

n

She added, “You know, women are mostly traders. They work hard and sometimes they even forget to take care of themselves. So this is a reminder to them that they should key into the personal pension plan and start making little savings so that at the age of retirement, they can fall back on their savings.

n

“That is why we are saying “save small today and gain big tomorrow”. You cannot guarantee or depend on your family. The only person you can truly depend on is yourself to take care of yourself.”

n

Declaring the programme open, Edo State Governor, Monday Okpebholo, represented by the Commissioner for Labour and Productivity, Godwin Eshieshe, described the initiative as beneficial to low-income earners and artisans.

n

In her goodwill message, the state leader of market women, Josephine Ibhaguezejele, pledged to mobilise traders across the three senatorial districts to participate in the scheme.

n

The Personal Pension Plan is a voluntary retirement savings initiative designed for self-employed individuals and workers in the informal sector, allowing them to make flexible contributions towards their retirement while enjoying access to part of their savings when needed.

n n