Organised Private Sector kicks against pension contribution hike, warns of job losses

The Organised Private Sector of Nigeria, OPSN, has opposed the projected summation successful mandatory pension contributions being considered by the National Pension Commission, PenCom, informing that the determination could negatively interaction businesses, jobs and workers’ earnings.

OPSN, which comprises large concern groups, including the Manufacturers Association of Nigeria, MAN, the Nigeria Employers’ Consultative Association, NECA, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, the Nigerian Association of Small and Medium Enterprises, NASME, and the Nigerian Association of Small Scale Industrialists, NASSI, described the connection arsenic a “Greek gift” to Nigerian workers.

In a associated connection issued on Thursday, the employers’ groups argued that though the connection is being presented arsenic a means of improving status benefits, it could yet wounded workers by weakening businesses and reducing employment opportunities.

The radical said immoderate betterment aimed astatine improving status outcomes indispensable instrumentality into relationship the sustainability of businesses that money the pension system.

According to OPSN, Nigeria already operates a mandatory pension publication complaint of 18 per cent nether the Pension Reform Act 2014, with employers contributing 10 per cent and employees contributing 8 per ce...