A Principal Assistant Registrar in the Pension and Statistics unit of the Registry of the Federal University of Technology Akure, FUTA has canvassed for the prompt payment of benefits of retired officers in the public and private sectors.
Mr. Akinbola Omiyale made the appeal when he presented the 2nd Valedictory lecture of the FUTA Chapter of the Association of Nigerian University Professional Administrators (ANUPA) on Wednesday March 9, 2022.
In a lecture titled; ‘CONTRIBUTORY PENSION SCHEME; FRIEND OR FOE’, he said the design of the Pension Reform Act [2014] is laudable but the challenges faced in implementation are equally intimidating.
He said that the benefits of the Contributory Pension Scheme [CPS] present the scheme as a friend of the masses, whereas the challenges present the scheme as an enemy.
Omilaye advised that government should make sure that accrued rights are released without delay. Retirees should no longer wait even for a month before receiving their entitlement.
He further said that death benefits, particularly the ones that should be paid by the Office of the Head of Service of the Federation should always be paid without delay.
Mr. Akinboye added that the Minimum Pension Guarantee Clause in PRA [2014] should be activated and made operational, and the Pension Reform Act [2014], which is due for review, should be reviewed in 2024.
He said it is time the workers’ unions put their acts together in order to positively influence the Pension Reform Act [2014]
He pointed out that the Contributory Pension Scheme was designed to be worker friendly with laudable objectives.
The main aim being to ensure that contributors receive their retirement benefit as at when due as the fund is expected to be available when needed. Contrary to this, he said experience has shown that retirees have to wait for more than one year after retirement before they could access their retirement benefits.
Omiyale highlighted some challenges of the Contribution Pension Scheme to include low level of penetration, which he said is the rate of participation in pension in the working population, especially in Nigeria which rates just 11% pension penetration; Non-compliance by state governments; late-release of accrued right by government, which is a problem faced by retirees from the public sector who started work before the commencement of the Contributory Benefit Scheme in 2004; Non-payment/late payment of death benefits to next of kin; and non-operation of the Minimal Pension Guarantee Clause in PRA[2014]
He said if the Pension Act was effective it will ensure that every person who worked in either the public service of the Federation, Federal Capital Territory and the Local Governments or the Private Sector receives his retirement benefits as when due, and also assist improvident individuals to save in order to cater for their livelihood during old age.
Earlier in his remarks, the Registrar, Mr. Richard commended Akinbola, saying he has contributed immensely to the growth of the association and FUTA through his selfless service spanning over 30 years.
He encouraged those in attendance not to sit at home doing nothing after retirement, but to engage in something meaningful to keep them active and healthy.
He also implored all workers to diligently carryout their delegated assignments, carryout their duties to the best of their ability, ask questions on what they have no knowledge about, and never look down on anyone, because one can learn from anyone, even someone younger or junior in rank.
Other colleagues spoke glowingly about Mr. Akinbola Omiyale, describing him as a very hardworking, friendly, reliable, humble and lovable person.
They wished him a peaceful and rewarding life in retirement.
