Barring a change in strategy, the National Pension Commission (PenCom) said it plans to get persons in the informal sector into the Contributory Pension Scheme (CPS) by allowing them use their contributions as collateral for mortgage, health insurance amongst other benefits.
Director-General PenCom Mrs Chinelo Anohu-Amazu, who disclosed this in an interview with a national daily, said there would also be voluntary contribution which could be accessed not more than four times in a year.
"Section 2 (3) of the PRA 2014 provides that employees of organizations with less than three employees as well as self-employed persons shall be entitled to participate under the scheme in accordance with guidelines issued by the Commission.
" In pursuance of the statutory responsibility set out in Section 2 (3) of the PRA, the Commission has already developed a Framework for the Participation of persons operating in the Informal Sector of the economy in the Contributory Pension Scheme. The Guideline for the participation is also being prepared."
She noted that the commission is on the verge of commencing nationwide’ consultations with Informal Sector Unions, and Associations, stressing that during the consultations’ the inputs and comments of the Sector Union/Associations on the draft Guideline would be collated.
"The strategies the commission intends to adopt in ensuring the participation of persons in the informal sector includes awareness campaign, collaboration with Unions and Associations and Town Hall Meetings. Incentives like apportionment of contributions where one portion is treated as savings for pension and the second portion treated as voluntary contribution which could be accessed not more than four times in a year.
"The contributions could also be used as collateral for mortgage, provision of health insurance etc. The framework also sets out the registration process, medium of remittance of contributions which would include the use of mobile money transfer, internet banking etc. It also highlighted how benefit could be accessed by contributors," she said.
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