Business
‘Pension Act Gurantees Happy Retirement’
L-R: Director-General, Standards Organisation of Nigeria, Dr Joseph Odumodu, Deputy Managing Director, Standards and Quality Agency of Cameroon, Chantal Andely and Secretatary-General, African Organisation for Standardisation (ARSO), Dr Hermogene Nsenggimana, at the opening of ARSO President’s Forum in Abuja, last Monday.
A pension manager, Mrs Olabisi Salami, has urged workers to embrace the Contributory Pension Scheme (CPS) of 2004 to ensure happy retirement life.
Salami, a Relationship Manager at Pensions Alliance Ltd., (PAL), gave the advice yesterday while speaking with newsmen in Ijebu-Ode.
According to her, the 2004 Pension Reform Act came into being to reduce to the barest minimum the difficulties usually encountered by retirees with the old Defined Benefit Pension Scheme (DBPS).
She said that the most interesting aspect of the new scheme was that it checked fraud and embezzlement that was fraught in the old scheme, where employers had direct access to pension funds.
Salami said that the new CPS was transparent as it allowed workers to monitor the balances on their Retirement Savings Accounts (RSA) with their choice of Pension Fund Administrator (PFA) anytime they desired.
“With the new pension scheme, every pensioner is expected to be paid or allowed to withdraw a lump sum of money from his account on retirement.
“This is done leaving enough in the account to enable the retiree receive an amount that will not be less than 50 per cent of the last monthly salary he received on a regular basis.
“Retirees, under the CPS receive their retirement benefits upon successful completion of the documentation process and are paid based on the balances in their RSA.
“For retirees having below N550,000, they are paid in bulk while those with balances above N550,000 receive a lump sum payment and are placed on programmed withdrawals based on the retirees’ decision,” Salami said.
She said that what the law had achieved was to put guidelines in place to ensure that every Nigerian was assured of a financially secured future.
Salami, however, said that employees in the public service prior to 2004 would have their RSAs consolidated upon retirement.
“This consolidation shall involve transferring all pension payments prior to 2004 and their gratuity into their RSAs.
“Also for every public sector worker, either in service before or after 2004, the National Pension Commission (PenCom) ensures that their RSAs are properly consolidated,” she said.
She said that by working with their employers, each retiree’s RSA was reconciled to ensure all outstanding pension payments yet to be remitted as at retirement was implemented before paying the benefits.
On the part of the employers, Salami said they needed to consistently send the updated nominal roll to PenCom for adequate reconciliation.
“Lets not forget that the retiree’s fund is not lying idle, but is constantly being invested wisely and safely.
“Also determination of what the retiree will enjoy as monthly pension has been calculated on the basis of an expected life span for both males and females which is pegged at 82 and 84 years respectively.
“But superseding all these is the fact that the Pension Act has put in place the minimum guaranteed pension which ensures retirees get their pension payments for as long as they live,” he said.
Salami advised the Federal Government to ensure that Nigerian workers took full advantage of the scheme through enlightenment campaigns, workshops and media sensitisations.
She said that this would help alleviate the suffering and poverty that was synonymous with retirement.
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter