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INSURANCE & PENSIONS

PenCom to Increase Pension Subscription to 20 Million by 2019

The National Pension Commission has said that it is planning to increase the number of workers covered under the contributory pension scheme (CPS) from 6.5 million this year to 20 million by 2019, using the micro-pension initiative.

This was made known by the director-general (DG) of the National Pension Commission (PenCom) Mrs Chinelo Anohu-Amazu, while addressing participants at the 3rd International Conference on Financing for Development in Addis Ababa, Ethiopia.

She further gave the assurance that the agency will continue to promote the investment of pension funds within the African continent in line with the vision and ideals of the African Union (AU)’s long term economic development plan tagged ‘Agenda 2063.’

The AU’s Agenda 2063 is both a vision and an action plan, a call for action to all segments of the African society to work together to build a prosperous and united Africa based on shared values and a common destiny.

It is expected to translate this vision and ideals into concrete objectives, milestones, goals, targets and actions/measures and it is supposed to enable Africa remain focused and committed to the ideals envisaged in the context of a rapidly changing world.

In operational terms, the Agenda 2063 would be a rolling plan of 25 years, 10 years, 5 years and short term action. Heads of State and Government of the AU, in its 50th Anniversary Solemn Declaration, rededicated themselves to the continent’s accelerated development and technological progress and laid down the vision and eight ideals to serve as pillars for the continent in the foreseeable future.

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