The Nigerian Labour Congress (NLC) has called for an upward review of the Retirement Savings Account (RSA) withdrawal limit from 25 percent to 50 percent, to help workers address pressing financial needs.
NLC President, Joe Ajaero, made the demand on Thursday during a roundtable meeting with the management of the National Pension Commission (PenCom) in Abuja.
Ajaero said the proposed increase would allow workers to invest in critical areas such as agriculture, education, and healthcare, especially amid the nation’s current economic difficulties.
He also urged the Federal Government to urgently constitute the full Governing Board of PenCom, warning that the continued absence of a complete board undermines transparency and effective oversight of the Contributory Pension Scheme (CPS).
“Although a chairman is currently in place, the lack of a fully functional board hampers strategic oversight, delays key decisions, and undermines proper governance within such a vital institution,” Ajaero stated.
He expressed concern that without a fully constituted board, the integrity and accountability of PenCom’s operations could be compromised.
Ajaero further demanded improved benefits and stronger protection for Nigerian workers. He urged PenCom to adopt technology to fast-track pension processing, ensuring retirees receive their entitlements within weeks instead of months after retirement.
He also proposed the establishment of a standing NLC-PenCom committee to meet quarterly to address workers’ grievances, and called for tougher sanctions against non-compliant employers and underperforming Pension Fund Administrators (PFAs).
Responding, PenCom Director-General, Mrs. Omolola Oloworaran, described the Contributory Pension Scheme as one of Nigeria’s most transformative social reforms, restoring dignity and financial confidence in retirement.
She revealed that the commission is embarking on “Pension Revolution 2.0” — an initiative aimed at expanding pension coverage, strengthening regulation, and enhancing service delivery across the sector.
