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Home |   About Us |   Contact Us |   Members |   Search |   Subscribe |   Disclaimer |   THE GUARDIAN CONSCIENCE, NURTURED BY TRUTH LAGOS, NIGERIA.     Thursday, July 08 2004   news   editorial/opinion   policy & politics   focus/record   business   capital market   sports   metro   arts   science   education   insurance   natural health   appointments   Guardian Chat Click to join the chatroom Panel begins deductions for new pensions' scheme From Segun Ayeoyenikan, Abuja THE Director of the National Pension Commission (NPC), Mr. Kabiru Ahmed said yesterday that deductions from workers pay in respect of the new contributory pensions' scheme would take off by the end of this month. Ahmed spoke at a tripartite meeting of the commission, officials of the Ministry of labour and Productivity and members of the Petroleum and National Gas Senior Staff Association of Nigeria (PENGASSAN) and National Union of Petroleum and National Gas Workers (NUPENG) in Abuja. According to Ahmed, not all workers in the country will participate in the scheme "because of the sensitive nature of pension in the country". He explained that for corporate bodies, which might be seeking license to operate as Pension Fund Administration (PFA) for the commission such corporate body must have a minimum deposit of N500 million. As stipulated in the new Pension Act, which was signed into law last month by President Olusegun Obasanjo, employers and employees are to fund the scheme equally. Section 9, sub section (a)(i) ii of the Contributory Pension Scheme Act states: "Subject to the approval of the commission established under Section 14 of this act, a minimum of seven and a half per cent by the employer and the employee are to be contributed" While declaring the interactive session opened, the Permanent Secretary in the Labour and Productivity Ministry, Dr. Tim Koripama Agary urged NUPENG and PENGASSAN to show understanding with government over the new pension scheme. Among the issues stated for discussion are rehabilitation and privatisation of the refineries, fuel price stability and the use of windfall from current crude sales by the NNPC and matters related to petroleum inspected rate commission. National President of PENGASSAN Brown Ogbeifun and his NUPENG counterpart Peter Akpatason led a joint team of the two unions to the meeting. � 2003 - 2004 @ Guardian Newspapers Limited (All Rights Reserved).  Powered by dnetsystems.net dnet�

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