TUC wants 50% increase in pension emoluments to retirees

The Trade Union Congress of Nigeria has called for 25 to 50 per cent increase in the total emolument paid to workers at first instance after retirement.
The TUC made the call in a statement signed by its President, Bobboi Kaigama, and Acting Secretary General, Semiso Amachree, in Lagos on Tuesday.
According to the statement, the 25 per cent of total emolument paid to workers after retirement was too small.
The statement said: “Anything less that 50 per cent defeats the purpose of the scheme. As it stands today, many states claim inability to pay the national minimum wage of N18,000.
“This money is itself barely enough to take the worker home let alone paying the bills for the family’s shelter, upkeep and development.”
The congress said it was not right for some federal lawmakers to say that the accumulated pension funds should be deployed for infrastructural development.
It said the pension scheme was informed by the need to assuage the poverty and difficulties faced by workers after retirement.
The statement said the of development infrastructure remained the duty of government because it was a key driver and a critical enabler of sustainable growth.
The statement said infrastructure provides a unique avenue for the public and private sectors of the economy to thrive, adding: “It is critical in attracting foreign investors.
“Rather than appropriate the monies to fix infrastructure, we recommend that the funds be utilised on projects that are of direct benefits to the retirees and other workers.”
It added that workers should be allowed to borrow from their retirement savings at friendly-interest rates to build houses, using accumulated savings as collateral.
NAN.