Wednesday, 5 April 2017

Expert advice artisans to embrace micro pension scheme

A financial expert, Mr Mufutau Oyegunle, on Wednesday advised Nigerians in the informal sector to embrace the micro pension contributory scheme being developed by National Pension Commission (PenCom). Oyegunle told the News Agency of Nigeria (NAN) in Lagos that the scheme, which would begin in 2017, would enable them develop saving culture and live better at old age. He urged artisans such as tailors, plumbers, vulcanisers, mechanics, hairdressers and others to key into the scheme. The expert said that the scheme was not particularly new as it was being successfully practised in India, Kenya, Ghana and other countries. “Those who think they are unable to save due to low income will still find it difficult to save when they have more because saving requires discipline. “If you can’t save N10, you can’t save a billion. “If you think your fund is too small to save, you may not save when you have it increased by 10 million folds. “This is the fundamental principle when it comes to money. So, no amount is too small to be saved,” he said. Oyegunle, who is the Managing Director of LAKEG Insurance, said PenCom had targeted over 50 million workers in the informal sector for the Contributory Pension Scheme (CPS) using the Micro Pension initiative. “The commission expects to get at least 20 million savers in the informal sector into the scheme in the next four years,” he said

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