NCRIB advises NLC on new pension Act

by Agency Reporter

The Nigerian Council of Registered Insurance Brokers has urged the leadership of the Nigeria Labour Congress to work with related stakeholders to take advantage of the Pension Reform Act 2014 for the benefit of its members.

A statement on Friday quoted the President, NCRIB, Mr. Ayodapo Shoderu, of saying this during an interactive session between the NLC and insurance operators in Enugu recently.

Shoderu said the welfare of workers should continually occupy premium position in the reckoning of governments in its economic development strides.

He stressed that the quality of labour was a major index in determining the advancement of countries of the world.

The NCRIB president opined that ‘countries such as the United States, United Kingdom, Japan and lately, China, attained their enviable state as developed nations because of due consideration their governments accorded labour

He stated that the PRA 2014 mandated employers to take Group Life Assurance for their workers, noting that the step would increase the regime of benefits that could accrue to workers in retirement.

“Aside from the increased pension contributions on the part of the employers, the reform provides that an employer’s contribution under the group life should not be less than 20 per cent of the employees’ monthly emolument,” he stated.