It is counter-productive – Operators
… It has come to stay – PenCom
By Rosemary Onuoha
FOLLOWING a recent guideline from the National Pension Commission, PenCom, workers are jettisoning the Voluntary Contribution, VC, initiative of the Commission on the grounds that it defeats the original aim why workers embraced the initiative.
According to the guideline which took effect from December last year, a retiree can only withdraw 50 percent of his VC after retirement while the balance of 50 percent shall be fixed for pension and utilized at date of retirement to augment the contributor’s retirement benefit.
It will be recalled that the Pension Reform Act, 2014, permits active workers to make VC in addition to the mandatory contribution of the Contributory Pension Scheme, CPS, if they so desire.
However, while some operators and contributors are…
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