‘Pension scheme’ll reduce old-age poverty’
Operators under the Contributory Pension Scheme are making efforts to introduce pension scheme that will reduce poverty in the society.
The Compliance Officer of StanbicIBTC Pension Managers and senior member of Pension Fund Operators Association of Nigeria, Idu Okwuosa, said this while speaking on the topic ‘Alleviation of old age poverty – Operators’ perspective’ at the third edition of BusinessToday Online insurance and pension industry awards in Lagos.
She said, “To address the objective of poverty alleviation, the commission has commenced strategic initiatives for the pension industry, which will be driven by operators. “To name a few, micro pensions, minimum pension guarantee, pension protection fund and multi-fund investment structure are initiatives in the direction of tackling old age poverty,” she said.
With the poverty level rising in Nigeria, Okwuosa observed that the social demand on government had also kept increasing while poverty alleviation remained the thrust of government reforms.
She said it appeared that poverty alleviation was the motivation for the pension reform of government.
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