The Contributory Pension Scheme recognizes the uniqueness of the individual, hence the introduction of Personal Identification Number (PIN). One of the objectives of the Pension Reform Act 2014 is to assist individuals by ensuring that they save in order to cater for their livelihood at old age, which results, in the increase in the scope of the Contributory Pension Scheme to reach individuals that are self-employed or working with organizations with less than three employees. This class of workers make up the larger percentage of the working population in Nigeria and generally have low and irregular incomes.
In this regard, the National Pension Commission is putting in place a Micro Pension Scheme (MPS) that is to cater for the informal sector, which has been categorized into three broad segments namely;
- The low-income earners (motorcycle riders, pushcart vendors, scrap metal recyclers).
- The high-income earners (Professionals – Accountants, Architects, Engineers, Medical Doctors, Pilots and Consultants etc).
- Small and Medium Enterprises (SMEs) representing Less than three employees on the pay roll).
Individuals in these categories would be positioned to benefit from the Contributory Pension Scheme.
For further enquiries regarding the Micro Pension Scheme, do not hesitate to contact us via our live chat: www.legacypension.com or phone lines: 08059580002, 08032752888 and 07080633004.