Objective
Older persons are a particularly vulnerable group of people, due to a decline in their physical, mental and consequently economic powers. In Nigeria, westernization and urbanization is also eroding away the traditional extended family kinship system which hitherto took care of the elderly. On account of the problems associated with the old pension scheme in Nigeria, the government developed a new scheme. Hence, the scheme may not necessarily translate into economics security for the retired. There is therefore the need for PenCom to be strengthened as an institution, to enable it carry out its operations more effectively. Secondly, investment outlets need be expanded so that more opportunities for investments may be available, thereby expanding the income from investments. Also, the pension houses have to be more transparent to allow pensioners the benefit of informed decision as to which pension house to engage. This workshop is designed to teach participants some aspects of the evolution of the new scheme, and finds that the scheme is limited in terms of coverage, investment outlets, lack of transparency, and financial limitation of workers.
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