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In May 2001, Engineer Mike Agboola retired as the chief Engineer of Deck Engineering services Ltd. As at that the
time Agboola was retiring he was full hope, aspiring into the next phase of his
life as a senior citizen, He quickly rushed to the schedule officer, who has
been handling pension issues in the company. The schedule officer referred him
to the authorities concerned, on reaching Agboola discovered that his name was
not in the master list , the schedule officer has misappropriated the money, an
order was issued for his immediate arrest but before they could muster the
necessary documents to get hold of him, he has escaped and find his way to a
foreign country. Engineer Agboola was left without any pension, the family of 5
were in serious dire need of the basic things of life, coupled with Agboola
first son who was completing his medical course.
Engineer Agboola died few years later, a dissatisfied
man, the son had a negative picture of the state of the Nigeria economy and pensions, but
with the help of relatives, he was able to complete his medical profession. and
eventually found his way outside the shores of Nigeria, practicing
his medical profession and any time he remembers his father, he vowed that he
will not put his services to the country.
These were the state of pension in Nigeria prior to
the 2004 Pension Reform Act. But all that have change, the pensioners in this
new scheme are happier , able to access their money as at when due as the
objective of the scheme in 2004 as in enshrined
Section 2 subsection a, b and c
(a) ensure that every person who
worked in either the Public Service of the
Federation, Federal Capital Territory or Private
Sector receives his retirement benefits as and when due:
(b) assist improvident individuals
by ensuring that they save in order to cater for their livelihood during old age: and .
(c) establish a uniform set of rules, regulations and standards for
the administration and payments of retirement benefits for the Public Service
of the Federation, Federal Capital Territory and the Private Sector.
And in
Pension Reform Act 2014, the objective under section 1 subsection a, b,c and d
(a)establish a uniform set of
rules, regulations and standards for the administration and payments of
retirement benefits for the Public Service of the Federation, Federal Capital
Territory , state Government, Local Government
and the Private Sector.
(b)Make provision for smooth
operation of the pension scheme.
(C) ensure that every person who worked in either the
Public Service of the
Federation,
Federal Capital Territory or public
service of the State Government , or the public service of
the Local Government and Private Sector receives his retirement benefits as and
when due:
d) assist improvident individuals
by ensuring that they save in order to cater for their livelihood during old age.
From the objectives of the scheme it should be
noted that the basic objective is to receive your retirement benefit as at when
due, anything short of that, may not augur well to the pensioners.
And when this is achieved, the pensioner desires
and aspirations are achieved, no matter how small the benefit may look, it tend
to make the retiree live longer and happily.
Culled from reginaldodunze.blogspot.com(REGINALD ODUNZE.COM)
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