Voluntary Contributions: Harnessing Workers’ Benefits Towards Stable Retirement Income

Having for retirement has become crucial as people lead more active lives during their retirement years. In Nigeria, the Contributory Pension Scheme (CPS) has played a vital role in enabling individuals to plan effectively for retirement.

The pension reform aims to establish a sustainable system that ensures a stable, predictable, and adequate source of retirement income for every employee. To achieve this goal, PenCom introduced the concept of Voluntary Contributions (VC), providing workers with the opportunity to increase their retirement income. VC allows employees to make additional contributions beyond the mandatory contributions set by law (10 per cent from employers and eight per cent from employees).  The Nation