In a system where social security for elderly is zero, what to worry about is what becomes of a person who has spent his entire life working, at point of retirement.
Question that bugs like ones mind as a bacteria on getting close to retirement age is where he/she is retiring to, is it to return home or remain in the city? But the truth is that either option places you in the next stage of life which has to do with how best to make life in retirement worth the while.
Retirees of the Lagos State Water Corporation have decried non-payment of their severance benefits amounting to about N1 billion owed them since 2010 by the corporation.
Numbering about 150, they have demanded immediate payment of their pension through a petition to Governor Babatunde Fashola, stating that the management plotted them out of all forms of benefits, which amounted to about N1 billion as at 2013.
Concerned more about the safety of the N4.5trillion pension fund under management, the Pension Fund Operators Association of Nigeria (PenOp) said they would engage more on long term investment order than short term.
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As the clamour for unlocking the contributory pension funds for infrastructural development in the country thickens, the Director General, National Pension Commission (PenCom), Mrs. ChineloAnohu-Amazu has said that the agency will be very cautious in making such a decision.
The PenCom boss who said this in Lagos recently stated that the contributory pension scheme (CPS) has accumulated a large pool of investible funds of over N4.5 trillion pension assets with over 6.2million contributors as at June this year.
She added that payment of pension under the CPS presently has been prompt and consistent since 2007.