3. The Act provides that the mandatory coverage of the Contributory Pension Scheme in the private sector should be lowered.
This from the current mark of organisations with five employees, in order to capture a wider number of employees in the informal sector and leverage on Small and Medium Scale Enterprises. The scheme now covers private organisations with at least three or more employees. This also includes partnerships and micro enterprises that normally have less than five employees. It officially accommodates employees of private firms in the contributory pension scheme, making it possible for every person who worked in either the public service of the federation, the federal capital territory, states or local government and private sector, to receive pension benefits as and when due.
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