Business
NIN now compulsory for workers on contributory pension
The Federal Government has made the National Identification Number (NIN) compulsory for all workers under the Contributory Pension Scheme.
According to a circular from the National Pension Commission, the acquisition of NIN is now part of the requirements for the CPS.
The circular titled ‘Notice on mandatory use of National Identification Number for all existing RSA holders’, issued on Wednesday, reads: “The Federal Government has made it mandatory that every Nigerian must have a National Identification Number
“To achieve this, all data generating organisations have been directed to harmonise their database with the National Identity Management Commission, whose mandate is to implement the National Identity System in Nigeria.
Read also: SEC suggests how Nigeria can address infrastructure deficit
“To enable the pension industry comply, PenCom has directed all Pension Fund Administrators to update the records of their clients. Consequently, all Retirement Savings Account holders, both active and retired, are hereby advised to approach their PFAs to provide their NINs and Bank Verification Numbers, as well as other mandatory biodata information.”
The Pension Reform Act mandates every employer with a minimum of three employees to open an RSA for the workers, which would be funded by both employer and employees.
The employer is required to pay 10 per cent while the workers are required to contribute eight per cent of total monthly emolument.
Under the CPS, the PFAs manage the funds which are in the custody of the Pension Fund Custodians.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...