PROTOCOL
I am
delighted to be opportuned to address this unique gathering of the Central
Working Committee of the NLC, on a subject matter that is in tandem with your
quest to improve the working condition of the Nigerian working masses.
I
sincerely appreciate the President of the NLC, Abdulwaheed Omar and his
executives for this rare privilege.
The
purpose of my presence and that of the Insurance Industry is to highlight the
benefit of the Pension Reform Act 2014 as it relates to compulsory Group Life
Insurance and Life Annuity for the employees by the employers of all tiers of
government and the private sector. (As contained in section 4 subsections 5 and
Section 7 subsections 1c).
The
primary purpose of the relevant sections referred to is to ensure that employee
dependants have succour in the event of death in the course of employment and
comfort after retirement. The pension reform act 2014 is an update of the
pension reform act of 2004. Whilst this act of parliament provides for the
security of employees, it would remain a mirage or paper tiger unless conscious
efforts are made to enlighten workers of their rights by respective labour unions
to ensure that workers are not short-changed as a result of failure of employer
to comply with the provision of the act. At the moment, compliance is largely
effected by the Federal government whilst other tiers of government are yet to
fully comply. Compliance by private sector employers will need to be monitored
to ensure that workers interests are protected.
A synopsis
of the benefits of the Group Life cover and Life Annuity will be provided by
the representative of the Nigerian Insurers Association, (NIA).
Mr
President, I must state here that the Commission has enjoyed effective
collaboration with PENCOM in enforcing the relevant provisions of the Pension
Reform Act, this we believe will continue.
Distinguished
Comrade President and the central working committee chieftains, accept once
again, my deep appreciation for providing this platform to shed light on the
Group Life Insurance and Life Annuity Schemes.
It is my
prayer that the NLC would leverage on the provisions of the Pension Reform Act
2014 by ensuring that workers are sensitized to demand for their rights as
provided and also ensure compliance by all tiers of government and the private
sector employers. The pro-activity of the NLC and its affiliates will enable
workers to access the well-intended welfare provision for the Nigerian workers.
Thank you once again for this opportunity.
Fola
Daniel
Commissioner
for Insurance
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