NAICOM tasks labour unions on CPS compliance
The Commissioner for insurance, Fola Daniel, speaking in an interview on the issue said the Pension Reform Act 2014 is an update of the Pension Reform Act 2004.
According to him, while this Act of Parliament provides for the security of employees, it would remain a mirage or paper tiger unless conscious efforts are made to enlighten workers on their rights by respective labour unions to ensure that workers get their rights under the Act.
He said, “We entered into strategic alliance with the NLC on the importance of this law to the workers. We told them that the law has been made for the benefit of the workers and that if an employer is not putting in place group life cover for workers, the leadership of the NLC should not allow them to be short changed.”
According to him, we are working with various trade unions to ensure that we have the lists of companies employing them and they are checking for us.
The NAICOM boss explained, “The primary purpose of the relevant sections is to ensure that employee dependants have succor in the event of death in the course of employment and comfort after retirement.
The Pension Reform Act 2014 is an update of the Pension Reform Act 2004. While the act of parliament provides for the security of employees, it would remain a mirage or paper tiger unless conscious efforts are made to enlighten workers on their rights by respective labour unions to ensure that workers get their rights under the Act.”
At the moment, he said, compliance is largely effected by the Federal Government, whilst other tiers of government are yet to fully comply.
Compliance by private sector employers will need to be monitored to ensure that workers interests are protected.
He said that the commission has enjoyed effective collaboration with PenCom in enforcing the relevant provisions of the Pension Reform Act, this he said, will continue to flourish.
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