PENSION ALERT FOR ALL WORKERS
A Call to Rescue Our Future from Exploitation.
We are all hurtling toward old age. It is an inevitable truth. Yet, while we labor today, sacrificing our youth and vitality to build a nation, a silent predator lurks in the shadows: a pension system that shackles the dignity of our elderly and lines the pockets of administrators at the expense of vulnerable retirees. This is not a plea; it is a battle cry. Nigerians must rise now to dismantle a system that robs the aged of their financial freedom and condemns them to poverty after decades of service.
The Grim Reality: Pension Administrators or Exploiters in Disguise?
For years, pension administrators have positioned themselves as custodians of workers’ futures. But let us call this what it is: a grand deception. The current Contributory Pension Scheme (CPS), designed to safeguard retirees, has morphed into a machinery of exploitation. Retirees are forced to surrender control of their life savings to these entities, only to receive pittances that mock their years of labor.
Consider the cruel mathematics: A retiree like Mallam Karfi, who saved ₦20 million over a lifetime, is permitted to access just 50% of his savings (₦10 million) upon retirement. The remaining ₦10 million is doled out in monthly crumbs ₦55,555 over 15 years. By the time he reaches 75, the payments cease, leaving him stranded in his twilight years. But here’s the bitter irony: Pension administrators invest these withheld funds in high-yield instruments like treasury bills, bonds, and equities, earning returns as high as 15% annually. Meanwhile, the retiree; the rightful owner of the capital; is handed scraps.
The Liberation We Demand: Let Retirees Control Their Destiny
The recent move by the Nigerian Senate to amend the Pension Reform Act, allowing retirees to access up to 75% of their savings, is a step forward—but it is not enough. Why must retirees beg for what is rightfully their
A Call to Rescue Our Future from Exploitation.
We are all hurtling toward old age. It is an inevitable truth. Yet, while we labor today, sacrificing our youth and vitality to build a nation, a silent predator lurks in the shadows: a pension system that shackles the dignity of our elderly and lines the pockets of administrators at the expense of vulnerable retirees. This is not a plea; it is a battle cry. Nigerians must rise now to dismantle a system that robs the aged of their financial freedom and condemns them to poverty after decades of service.
The Grim Reality: Pension Administrators or Exploiters in Disguise?
For years, pension administrators have positioned themselves as custodians of workers’ futures. But let us call this what it is: a grand deception. The current Contributory Pension Scheme (CPS), designed to safeguard retirees, has morphed into a machinery of exploitation. Retirees are forced to surrender control of their life savings to these entities, only to receive pittances that mock their years of labor.
Consider the cruel mathematics: A retiree like Mallam Karfi, who saved ₦20 million over a lifetime, is permitted to access just 50% of his savings (₦10 million) upon retirement. The remaining ₦10 million is doled out in monthly crumbs ₦55,555 over 15 years. By the time he reaches 75, the payments cease, leaving him stranded in his twilight years. But here’s the bitter irony: Pension administrators invest these withheld funds in high-yield instruments like treasury bills, bonds, and equities, earning returns as high as 15% annually. Meanwhile, the retiree; the rightful owner of the capital; is handed scraps.
The Liberation We Demand: Let Retirees Control Their Destiny
The recent move by the Nigerian Senate to amend the Pension Reform Act, allowing retirees to access up to 75% of their savings, is a step forward—but it is not enough. Why must retirees beg for what is rightfully their
PENSION ALERT FOR ALL WORKERS
A Call to Rescue Our Future from Exploitation.
We are all hurtling toward old age. It is an inevitable truth. Yet, while we labor today, sacrificing our youth and vitality to build a nation, a silent predator lurks in the shadows: a pension system that shackles the dignity of our elderly and lines the pockets of administrators at the expense of vulnerable retirees. This is not a plea; it is a battle cry. Nigerians must rise now to dismantle a system that robs the aged of their financial freedom and condemns them to poverty after decades of service.
The Grim Reality: Pension Administrators or Exploiters in Disguise?
For years, pension administrators have positioned themselves as custodians of workers’ futures. But let us call this what it is: a grand deception. The current Contributory Pension Scheme (CPS), designed to safeguard retirees, has morphed into a machinery of exploitation. Retirees are forced to surrender control of their life savings to these entities, only to receive pittances that mock their years of labor.
Consider the cruel mathematics: A retiree like Mallam Karfi, who saved ₦20 million over a lifetime, is permitted to access just 50% of his savings (₦10 million) upon retirement. The remaining ₦10 million is doled out in monthly crumbs ₦55,555 over 15 years. By the time he reaches 75, the payments cease, leaving him stranded in his twilight years. But here’s the bitter irony: Pension administrators invest these withheld funds in high-yield instruments like treasury bills, bonds, and equities, earning returns as high as 15% annually. Meanwhile, the retiree; the rightful owner of the capital; is handed scraps.
The Liberation We Demand: Let Retirees Control Their Destiny
The recent move by the Nigerian Senate to amend the Pension Reform Act, allowing retirees to access up to 75% of their savings, is a step forward—but it is not enough. Why must retirees beg for what is rightfully their
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