267,112 workers join pension scheme in four months

About 267,112 new workers joined the Contributory Pension Scheme between January and May 2019, latest figures from the National Pension Commission have revealed.

As of the end of December 2018, 8,410,184 workers were registered under the CPS, but the figure rose to 8,866,296 as of the end of May 2019.

A research credit rating and credit risk management company, Agusto & Co, disclosed this in its recent report on the pension industry in Nigeria, saying that the employers in the formal sector had been the major driver of the scheme.

The report read in part, “The survey findings reveal that the influence of employers remains the biggest driver of enrolees’ decision in selecting a Pension Fund Administrator.

“However, relative to the findings of our 2017 survey, the influence of employers appears to be weakening – as its 27 per cent score in 2019 lags the 36 per cent recorded in0 2017.

“We also observed an increasing level of enrolee dissatisfaction, with over 50 per cent of respondents indicating the possibility of switching PFAs when the transfer window is open.”

It added that 15 years after the introduction of the pension scheme in Nigeria, the industry was still at its growth stage.

The report noted that with only 12.2 per cent of Nigeria’s employed population covered by the scheme, there was significant room for growth in the industry.