NLC lampoons Tinubu over current pension scheme, make demands

• The leadership of the NLC has tabled a fresh request before President Bola Tinubu while pressing further its demand
• Joe Ajaero's led NLC is demanding a return to the old pension scheme regime and claims the current government has neglected the plight of workers
• Amid the demand for a new minimum wage, the NLC claimed the federal government is alleged to owe nearly N260 billion in pension arrears, with federal parastatals accounting for an additional N40 billion

Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements

Amid negotiation for a new national minimum wage, Comrade Joe Ajaero, president of the Nigerian Labour Congress (NLC), has called for a return to the old pension scheme regime.

NLC president Comrade Joe Ajaero seeks for the return of old pension scheme under Tinubu's government. Photo credit: NLC HQ, Asiwaju Bola Ahmed Tinubu
Source: Facebook

NLC task Tinubu, seeks return of old pension scheme

Ajaero noted that the current regime led by President Bola Ahmed Tinubu falls short of the fundamental purpose it was set up to address.

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The NLC president spoke at the 2024 National pre-retirement summit with the theme “challenges, strategies, prospects and opportunities at retirement in Nigeria.

As reported by The Nation, the programme was organised by XEM, a global opportunity and capacity development hub in Africa.

Ajaero stressed that retirement ought not to be a death sentence but something every worker should be looking forward to.

According to him, currently the federal government is alleged to owe nearly N260 billion in pension arrears, with federal parastatals accounting for an additional N40 billion.

Buttressing his point, Ajaero said many workers have fear about what would become of them after retirement because it does not offer security, Daily Trust reported.

He said:

“The pension scheme, as it currently stands in Nigeria, unfortunately falls short of its fundamental purpose; to provide for workers in their old age.“The medium for storing Pensions, which is the Naira, has maintained an unstable value and has kept depreciating over the years. It is only a stable platform that can truly serve as a solid store of value that can sufficiently maintain the value of contributions when workers retire.“Pensions are meant to offer security and peace of mind, ensuring that retirees can enjoy their golden years without financial stress and in good health.“However, the reality for many of us is starkly different. It is worrying that most retired members encounter not just health challenges but many others leading to untimely deaths because of the character and nature of our Pension scheme which pauperises them financially at retirement.“Retirement under the present scheme may therefore become a death sentence for many and this has many consequences for behaviour of workers in active service.“We had wished that the various statutory agencies saddled with the responsibility of protecting workers are alive to their responsibilities. These challenges create an atmosphere of fear and uncertainty for the average worker approaching retirement in Nigeria.”

No going back on N250,000 minimum wage, TUC insists

Earlier, Legit.ng reported that organised labour has insisted that there is no going back on its demand for N250,000 minimum wage for workers in the country.

Festus Osifo, the TUC president, made this known at an event in Abuja on Tuesday, July 9, while giving an update on the new minimum wage negotiation.

Osifo said the new minimum wage was never abandoned, adding that the unions only gave President Bola Tinubu the room to explore consultations as requested.

Source: Legit.ng