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Retirement under present scheme a death trap – NLC
*Says, nations pension scheme pauperizes workers at retirement
By Francesca Hangeior.
The Nigeria Labour Congress, NLC, has raised the alarm, claiming the present pension scheme is pauperising workers at retirement.
According to NLC, retirement under the present scheme may have become a death sentence for many retirees and this has many consequences for behaviour of workers in active service.
President of NLC, Joe Ajaero, who raised the alarm in a remark at a retirement summit in Abuja, with the theme “Challenges, Strategies, Prospects and Opportunities at Retirement in Nigeria”, faulted the alleged over N360 billion pension arrears owed by the federal government to its retirees.
He said “The pension scheme, as it currently stands in Nigeria, unfortunately falls short of its fundamental purpose; to provide for workers in their old age. The medium for storing Pensions which is the Naira has maintained an unstable value and has kept depreciating over the years. It is only a stable platform that can truly serve as a solid store of value that can sufficiently maintain the value of contributions when workers retire.
“Pensions are meant to offer security and peace of mind, ensuring that retirees can enjoy their golden years without financial stress and in good health. However, the reality for many of us is starkly different.
“It is worrying that most of retired members encounter not just health challenges but many others leading to untimely deaths because of the character and nature of our Pension scheme which pauperises them financially at retirement.
“Retirement under the present scheme may therefore become a death sentence for many and this has many consequences for behaviour of workers in active service.
”The federal government it is alleged owes nearly N260 billion in pension arrears, with federal parastatals accounting for an additional N40 billion. Some states have arrears stretching up to eight years. In the private sector, reports indicate that many companies are in arrears of up to three years, deducting contributions from workers’ salaries without remitting them to the respective Pension Fund Administrators (PFAs).
“In 2021, PENCOM according to its fourth quarter 2021 report, appointed recovery agents realised from 36 defaulting employers N984.23 million, representing N406.42 million as principal contribution and N577.87 million as penalty. The Micro-Pensions designed for the informal sector remain inadequately activated, further complicating the financial security of our informal economy workers.
”The non-contributory Pensions funds are still subject to severe lootings by those who are supposed to manage them without consequences. The Maina and the former Accountant General issues are still very fresh in our minds.
“As usual, people get away with all manners of mind-boggling heist in our nation. We had wished that the various statutory agencies saddled with the responsibility of protecting workers are alive to their responsibilities. These challenges create an atmosphere of fear and uncertainty for the average worker approaching retirement in Nigeria.”
Enugu State Government has hailed the Government of the Republic of Finland for the arrest of the Finland-based leader of the criminal gang, Autopilots, Simon Ekpa, describing him as a common criminal, con man, and terrorist, who has no interest of Igbo people at heart.
The government also described Ekpa as a murderer and fraudster, who delights in killing his people and living large off their misery, saying that Enugu State was ready and willing to provide evidence of Ekpa-sponsored atrocities against Ndigbo to aid his trial and conviction, whether in Finland or Nigeria.
This was contained in a statement issued by the Secretary to the State Government, Prof. Chidiebere Onyia, on Friday.
“The Enugu State Government welcomes the arrest of the Finland-based terrorist, Simon Ekpa.
“His arrest and trial will no doubt go a long way in strengthening peace, security, and stability in all parts of the South East.
“This arrest is in line with the demand of Governor Peter Mbah Administration, which has repeatedly made it known that Ekpa is a megalomaniac, common criminal, murderer, and fraudster, who takes joy in feeding fat on the manipulated emotions of Ndigbo and inflicting misery on the South East region.
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“Ekpa has for long, and unfortunately from Finland, made a living by creating a siege climate and mentality in the South East, destroying lives, property, and the Igbo trademark of entrepreneurship and hard work. He thrives on manipulating, exploiting, and extorting the people on the pretext of fighting for their interest and for the restoration of Biafra,” the government said.
News
“Men Need To Submit Too”, says Pastor Olumide, Quotes Bible Passage To Back His Statement (Video)
A pastor has stated that submission in a marriage is not a requirement for women alone.
Pastor Olumide Emmanuel explained that a Christian marriage is not based on “culture” but on the teachings of the kingdom and as a result, men should respect their wives’ opinions and superior judgment and submit when appropriate.
He said: “Men, I will tell you for free, respect a woman’s sensitivity if you want to do well in life.
“Ask any married man that will be honest with you, there are things that if we did not listen to our wife we’d be in trouble by now. And there are times that we didn’t listen, we enter trouble.
“So if you’re a young person now, don’t let Africa kill you. ‘I’m a man of this house, I’m a man of this house, you can’t tell me what to do’. Forget that nonsense.
“Marriage is not an African culture, it’s a kingdom culture and in the kingdom the bible says, submitting yourself one to another. Mutual submission is a kingdom agenda for the marriage.
“So there are times you need to submit to your wife. Submit to your woman.”
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The black market dollar to Naira exchange rate on Friday 22 November 2024 can be accessed below.
NewsOnline Nigeria has obtained the official naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates. Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market. As of now, you can purchase 1 dollar at a certain rate now, however, it’s important to remember that the rate can shift (either upwards or downwards) within hours.
How much is a dollar to naira today in the black market?
Dollar to naira exchange rate today black market (Aboki dollar rate):
According to Bureau De Change (BDC) sources, the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players bought a dollar for N1710 and sold it for N1750 on Friday, November 22, 2024.
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1730
Selling Rate N1740
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1745
Selling Rate N1750
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
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