Mr Oshiomhole urges Labor to review management of contributory pension funds

Mr Oshiomhole urges Labor to review management of contributory pension funds

Senator Adams Oshiomhole has called on the organized Labor Party to review the management of contributory pension funds.

Professor Oshiomhole stated this at the 8th Quadrennial National Conference of the National Academic Staff Union (NASU) held in Abuja on Tuesday.

The theme of the conference was “Trade Unionism in Times of Economic Crisis: Addressing the Rising Levels of Poverty Among Nigerian Workers.”

The former Edo State governor alleged that the federal and state governments were borrowing from contributory pension funds at low interest rates, violating the concept of establishing contributory pension schemes.

He said: “I know that when I was NLC chairman I resisted the idea of ​​contributory pensions being managed by Pension Fund Administrators (PFAs).

“These PFAs are profit seekers. They cannot give me a 6% return on my pension savings at 25% interest.

“This is unfair. It means workers are getting poorer. You must not accept that because you are the biggest contributors to the economy.

“Currently, more than 11 trillion naira is being withheld from the pension system, which should be earmarked for mortgage investments for retired workers.

“If N11 trillion is pumped into housing complexes, workers will not be homeless after retirement.

“I would urge everyone to rethink these funds that Pencom is managing, who is borrowing them and what they are doing with them,” he said.

He added that the scheme addresses the social capital needs of workers.

Mr. Oshiomhole also condemned the recent atrocities against the NLC Chairman, Mr. Joe Ajayero.

However, he condemned the nationwide strike that had temporarily halted socio-economic activities in the country for two days.

“In many cases, Ibur leaders demand that the government implement their demands from a biased position that is not sufficiently articulated, giving government officials the upper hand in negotiations.

He said the labor movement must always tackle problems with a united front, even if the capitalists always find ways to destroy or fragment them.

Regarding the government's fuel subsidy policy, Mr. Oshiomhole appealed to the workers to stop thinking and move out of the dire situation instead of lamenting the dire situation.

He said the government should act as a united front to press its demands on those in power, rather than spend time worrying about government policies that are not working in their favor.


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