Labour
PenCom Transfers N10.20bn Into RSAs Contributors Scheme of NSITF in Nine Years
The National Pension Commission (PenCom) has said N10.2 billion has been transferred into the Retirement Savings Account (RSAs) of 142,486 Nigerian Social Insurance Trust Fund (NSITF) Scheme contributors from 2014 to date.
Director-General, PenCom, Mrs Aisha Dahir-Umar, revealed this at an interactive session, organised by PenCom and Nigeria Employers’ Consultative Association (NECA) on CPS for the Organised Private Sector (OPS) in Lagos.
Dahir-Umar, represented by Dr Anyim Nyerere, Commissioner for Technical, PenCom, said this was in compliance with the commission’s responsibility of supervising the transfer, following the enactment of the Pension Reform Act (PRA) 2014.
“In order to ensure that all contributors under the NSITF scheme have their NSITF contributions transferred to their RSAs, the commission had severally featured advertorials requesting NSITF contributors to apply for the transfer of their contributions.
“PenCom wishes to implore all employers to encourage their employees, who have contributed to the NSITF scheme, to liaise with their PFAs and in particular Trustfund Pensions for guidance on how to have their contributions transferred to their RSAs,” she said.
According to her, the number of Retirement Savings Accounts (RSAs) under the Contributory Pension Scheme (CPS) as at the end of third quarter 2023, stood at 10 million.
Dahir-Umar said that the size of the pension Asset Under Management (AUM) amounted to N16.76 trillion in the period under review.
The director-general said that the programme was initiated to enlighten OPS on the current developments and challenges in the implementation of the Pension Reform Act (PRA) 2014.
“Obviously the pension industry is one of the fastest-growing financial sectors in Nigeria.
She said that PenCom had deployed the Enhanced Contributors Registration System (ECRS) and Data Recapture Exercise (DRE).
The director-general stated that this mandatorily requires all RSA holders, who joined the CPS prior to July 1, 2019, to update their information with their respective Pension Fund Administrators (PFAs).
She charged RSA holders who are yet to approach their PFAs for data recapture to do so.
She assured the OPS that the commission would continue to ensure robust social dialogue with NECA in the interest of all stakeholders under the CPS.
According to her, the commission will always support NECA to champion programmes that will ensure the successful implementation of the CPS in Nigeria.
Mr Bala Babangida, Head, Department of Compliance and Enforcement, PenCom, said that compliance in the industry includes opening of RSA with a PFA by employees.
Babangida added that employers must also ensure monthly deduction and remittance of pension contributions and provision of Group Life insurance policy for their employees
Mr Obiora Ibeziako, Head, Department of Benefit and Investment, PenCom, listed the basic objectives of pension investments to include safety, liquidity and fair return.
Ibeziako added that the general principles of the pension scheme involved consultation, prudent, effective surveillance and regulation.
Director-General, NECA, Mr Adewale Oyerinde, said that the deliberation would give room for more improvement and development in the pension sector.
Labour
FG Approves Pay Rise for Civil Servants
By Tony Obiechina Abuja
The Federal Government has approved 25% and 35% salary increase for civil servants across various consolidated salary structures.
In a statement by the Head of Press, National Salaries, Incomes, and Wages Commission, Emmanuel Njoku, the increases takes effect on January 1, 2024.
The statement added that the augmentation applies to the six remaining consolidated salary structures, namely the Consolidated Public Service Salary Structure, Consolidated Research and Allied Institutions Salary Structure, Consolidated Police Salary Structure, Consolidated Para-military Salary Structure, Consolidated Intelligence Community Salary Structure, and Consolidated Armed Forces Salary Structure.
Also approved for augmentation is the pension of retirees enrolled in the Defined Benefits Scheme within the aforementioned consolidated salary structures.
Labour
Tribute to Chief Frank Kokori
By Joe Ajaero
We at the Nigeria Labour Congress are deeply saddened by the passing away of Chief Frank Kokori at 80. Our hearts are with his biological family and the NUPENG family where he was General Secretary. To them and other associates, we offer our condolences.
Chief Frank Kokori was Executive Secretary of OMPADEC which later metamorphosed into NDDC among other national appointments held by him.
He was announced as Chairman of the board of NSITF but denied that role by some of the powers that be. He instead chaired the board of Michael Imoudou National Institute of Labour Studies (MINILS) where he made his impact. This was his last national assignment.Chief Frank Kokori will be remembered for many things but top on that list was being among the Labour leaders that gave their all in order for our country to have democracy.
For his stoic and heroic struggle for the enthronement of democracy, he was arrested and detained by the military alongside other Labour leaders for spells of time under inhumane conditions.
Before his arrest and detention by the Abacha -government, Kokori was in the vanguard of Labour leaders who fashioned an alliance with the Social Democratic Party (SDP) on the understanding that then Congress President, Comrade Pascal Bafyau (now of blessed memory) would be vice president to Chief Abiola. Although Chief Abiola (due to circumstances) beyond his control) did not keep that part of the bargain, organised labour gave him their generous and unflinching support. This, coupled with Chief Abiola’ s own credentials gave him coast to coast victory at the polls in the freest election in the history of the country.
Nigeria Labour Congress was similarly in the vanguard of national resistance when the military scuttled Chief Abiola’ s election or victory. It was in execution of that resistance that Chief Kokori among other Labour leaders was arrested and incarcerated while others were hounded out of the country. The “lucky” ones were only put on the security watch list and were routinely harassed at their homes, airports and at public functions considered by the State to be subversive. At the risk of sounding immodest, among those arrested and incarcerated at such functions at Ilorin were Comrades Joe Ajaero and Chris Uyot, Deputy General of Congress. There were several others who suffered differing indignities for fighting for democracy.
Even while some of its leaders were in detention with Chief Abiola, Labour leaders did not give up on their struggle for enthronement of popular democracy.
For their “obduracy”, the organised labour paid a heavy price. The Nigeria Labour Congress and NUPENG for instance, were illegally dissolved by the military and their assets seized. Sole Administrators were appointed to oversee their affairs until 1999!
It is in light of this that we find it a big irony that those who collaborated with the military yesterday while Labour was in the trenches would have the audacity to say today that Labour has no business in politics. It is a shame they are allowed to eat their cake and have it because quite a number of them through the roof or the back door are in government or positions of influence. And clearly, the dilemmna in which we have found ourselves as a people and as a nation cannot be divorced from this syndrome of opportunism and messiah complex…same faces, same cases, same places ( Akinola Aguda).
Chief Kokori, a dogged and fearless fighter has played his role and gone, history has the next chapter.
Meanwhile, while the wheel of history turns, we urge the federal government and the Government of Delta State to immortalise him, for what is good for the goose is good for the gander.
Comrade Joe Ajaero is President, Nigeria Labour Congress(NLC)
President
Aviation
Passengers Stranded as NLC Locks Down Abuja Airport
By Idris Umar Feta Abuja
Many air travellers were left stranded following the closure of the Nnamdi Azikiwe International Airport, Abuja, by officials of the Nigeria Labour Congress (NLC) on Thursday.
A combined team of NLC and Trade Union Congress (TUC) blocked both the entry and exit ways of the Nnamdi Azikiwe International Airport.
The protest was part of the series of actions that the two labour unions say they would zero in on Imo, following the attack on the NLC president, Joe Ajaero.
The NLC and TUC had on Tuesday, declared a nationwide strike, which will commence on Tuesday, November 14, due to the face-off with the Imo State Government.