The paper reviews the compliance status of the Federal, State and private\nsector pension systems in Nigeria after the reform in 2004 that changed the\nfunding strategy from pay-as-you-go to the contributory modality. It first\nspotlighted the grim factors of the old pension system that made reform inevitable.\nThe paper in the main argues that compliance with the provisions of\nthe law remains the only guarantee of workersâ?? retirement future. It further\npoints out the specific role labour leadership must play in this regard. The\npaper disclosed that the observed failure to implement the provisions of the\nlaw across the tiers, especially the federal and state government segments,\narose in part due to a conspiracy of factors, including, recession, legislative\nloopholes, supervisory negligence, and absence of sustained engagement of\nlabour leadership with employers across the tiers. The paper therefore concludes\nby recommending a more focused engagement strategy by labour leadership\nand a stricter penalty that makes default in making contributions less\nattractive.
Loading....