84,000 Artisans, Entrepreneurs Join Micro Pension Plan

No fewer than 84,000 artisans, entrepreneurs and players in the informal sector of the nation’s economy have subscribed to the Micro Pension Plan (MPP).

This is even as the rate of subscription spike in the last two months following increased awareness on the initiative.

Micro Pension Plan, which was established through the Provisions of Section 2(3) of the Pension Reform Act (PRA) 2014,  aims at ensuring that the informal sector participants save towards their old age, as this category of workers constitutes a large percentage of the working population in the country.

Speaking to journalists in Lagos yesterday, at the Lagos Trade Fair, where the National Pension Commission(PenCom) has a stand to enlighten Nigerians on the benefits of micro pension, the head, Micro Pensions department at PenCom, Dauda Ahmed, said, the motive of coming to the fair has been achieved as more people are now interested in the micro pension plan.

He also disclosed that, “about 84,000 people have registered for the micro pension plans and in the last two months, we have seen a spike in enrollment basically, because of the increased awareness.”

The Trade fair, he said, is one of the strategies  the commission is using to sustain the momentum on micro pension, while also using the media as a partner to reach out and enlighten the masses on its benefits.

On why the commission is at the fair, he said: “the trade fair is a forum that attracts business people and stakeholders that we feel should be part of the micro pension system and this is a forum for us to interact with those stakeholders to explain to them what benefits they stand to get from micro pension. The response has been quite encouraging; we have had interactions with would-be participants, we have enlightened them on what the plan is all about and how they can key into the initiative.”

“Aside these, we have been reaching out to unions, leadership of associations, to have discussions with them, so that they can convince their members on the plan. At old age, what matters is the cash that you have, not necessarily the assets that you have. So, if you have something that can be giving you steady form of income, you want to sustain it,” he pointed out.

Similarly, the head, South West zonal office, PenCom, Dr. Tunde Alayande, stated that, Lagosians are very much interested in the plan, and that his zonal office has been moving round to raise awareness and education on micro pension plan.

To him, “Lagosians are interested in the scheme. Few days ago, we are at the Nigerian Bar Association(NBA), Ikorodu branch to  ell them about the workings of the plan and immediately after our presentation, a lot of them came to us that they are actually interested. The commission will provide that enabling environment for PFAs and participants to thrive.”