Joe Ajaero: FG should prioritise seamless retirement process for workers

Joe Ajaero, president of the Nigeria Labour Congress (NLC), has implored the federal government to prioritise a seamless retirement process for Nigerian workers given the prevailing economic hardship. 

Ajaero made the plea on Wednesday during a meeting with a delegation from XEM Consulting Limited.

XEM consulting firm is a subsidiary of XEM Group, organisers of the maiden pre-retirement summit, scheduled to hold in Abuja from April 24 to 25.

Ajaero expressed disappointment over “the lack of significant improvement in the contributory pension scheme, despite previous discussions with regulators”.

He said many states have not adopted the scheme, questioning the effectiveness of the legislation.

The NLC president urged federal and state governments to take workers’ pensions seriously to ensure a comfortable post-retirement life.

“Governments in this business are not just employers of labour, they are regulators, and if regulators are not doing anything, then there is a problem,” he said.

“We are the main victims; even when people retire, the Pension Fund Administrators (PFAs) find it difficult to pay them, thereby making it a difficult long journey to access their money.”

Eugenia Ndukwe, CEO of XEM Group and leader of the delegation, noted that the summit aims to equip prospective retirees with valuable skills before they leave the workforce.

She added that the summit will comprehensively assess Nigeria’s retirement policies, address challenges faced by prospective retirees, and propose solutions.

Ndukwe noted that international experts from China, Canada, and Europe will be present at the summit to share their countries’ experiences with pension reforms.

“We are bringing global participants to tell us what is happening in their countries, so that we will know how to utilise their own case study. The head of service of the federation will be the keynote speaker,” Ndukwe said.

“Lagos State Governor, Babajide Sanwo-Olu will be in attendance during the panel session to represent all the state governors, while Mr Adewale Tinubu, the Group Chief Executive Officer of Oando, will be representing the private sector.

“We will also have the MD of Smart Meters Malam Ibrahim Babagana who will also participate in the panel session.

“The second phase of the programme will be the technical session where participants will be taken through knowledge and skill acquisition that will help them prepare for retirement.

“They will know how best to invest their money, the kind of businesses they can venture into after retirement and what decision they can make with the little money they have available.

“The third phase of the programme is the award. We want to recognise very few states, individuals, public servants who have contributed immensely to the reforms currently taking place around pension matters.”