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PenCom says micro pension contributions worth N161m in Q2’21  

The National Pension Commission (PenCom) has put the total contribution by participants under the Micro Pension Plan (MPP) at N161.27 million as at June 30, 2021, according to its latest bulletin.

PenCom said a total of 69,310 participants were registered by Pension Fund Administrators (PFAs) under the plan.

The MPP enables workers in private sector organisations with less than three employees and self-employed persons to participate as contributors under the Contributory Pension Scheme (CPS).

The Commission explained that it consulted extensively with relevant stakeholders including labour unions, trade groups and professionals in ensuring that the micro pension is fit-for-purpose, to minimise old-age poverty and enhance financial inclusion.

It said: “According to recent World Bank figures, there are enormous potentials of the informal sectors in Nigeria, which comprises 80.4 per cent of Nigeria employment.

“PenCom is therefore optimistic about consistent growth in the number of participants and attendant accumulation in the MPP asset.”

The MPP enables workers in private sector organisations with less than three employees and self-employed persons to participate as contributors under the Contributory Pension Scheme (CPS).

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