pension scheme in nigeria (Business Opportunities - Other Business Ads)
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Item ID 132658332 in Category: Business Opportunities - Other Business Ads
pension scheme in nigeria | |
This Act repeals the Pension Reform Act No .2, 2004 and enacts the Pension Reform Act, 2014 to continue to govern and regulate the administration of the uniform contributory pension scheme for both the public and private sectors in Nigeria. The main aim of the law is to ensure that employees save towards retirement and that every Federal/Public and Private sector employee receives their retirement benefits as and when due. The law establishes a mandatory funded contributory Pension scheme based on Individual Retirement Accounts for all Federal and Private Sector employees. The PRA 2014 has revised the rate of pension contribution (from 7.5% contributed equally by the employer and employee under the old law) to 8% for the employee and 10% for the employer; bringing the minimum total contributions for both parties to 18% compared to 15% previously. As contained in the 2004 legislation, an employer may choose to make the total mandatory contributions without making deductions from the salary of the employee; however, total remittance for any employer who chooses to remit without recourse to the employee must not be less than 20% of the monthly emolument of the employee. Monthly emolument is defined to mean total emolument as contained in the employee’s contract of employment, but shall not be less than the total sum of basic salary, housing and transport allowance. Employees are further compelled to retain the fund (comprising of contributions and net income therein) until they reach the age of 50 or retire, wherever is later. The Act nullifies the Pension Act, 1990, the Police and Other Agencies Pensions Offices (Establishment, etc) Act, 1993 and the Police Pension Rights of Inspector General of Police Act 1993. The Armed Forces Pension Act 1990 and the National Social Insurance Trust Fund Act 1993 will be amended and brought up to date to conform to the provisions of the Act. OAK Pensions Limited is therefore targeted at exploiting the huge potential market awaiting the Pension Fund Administrator under the new law. CONTACT US : Call : +234 700 225 5625 / 01-2953095 Whatsapp : +234 818 692 6760 Mail to : info@oakpensions.com Website : www.oakpensions.com Address : 266, Murtala Muhammed Way, Alagomeji, Yaba, Lagos | |
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| Target State: All States Target City : All Cities Last Update : Aug 05, 2023 7:12 AM Number of Views: 47 | Item Owner : Oakpensionseo Contact Email: Contact Phone: +234 700 225 5625 / 012953095 |
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2024-06-02 (0.432 sec)