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...'Why We Raised Contribution' - Mantu From Josephine Lohor in Abuja Deputy Senate Presi-dent, Ibrahim Mantu, yesterday said 'there was no alternative' to increasing in the percentage of pension contributions for both contributors and the employers. Speaking to newsmen shortly after President Olusegun Obasanjo signed the Pension Scheme Bill at the State House, the Deputy Senate President revealed that a lot of consultations were done when the bill on the Contributory Pension Scheme came to the National Assembly. Mantu said, "what we presented was the finest and digested imput we have received from different quarters and I have no doubt in mind that this Act as it is now reflects the expectations and aspirations of those who want pensions scheme to work." He added that "we have even improved the percentage of contributions from both the contributors and the employers. The idea really is for you to have something substantial because there is no point saving money and after 35 years, the one you have saved is not enough for you to guarantee involvement in economic activities that would sustain you for the rest of your life. "We increased the contribution from five to seven per cent for both the employee and employer. That means 14 per cent of your monthly or annual earnings. This scheme primarily, is to protect the civil servants because the private sector has its own kind of scheme," the deputy senate president said. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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