News Column

Insurance Agencies Sensitise Unions On 2014 Pension Act

August 22, 2014

Chris Agabi

Insurance industry stakeholders have commenced educating members of the Nigeria Labour Congress (NLC) on the benefits of the 2014 Pension Reform Act.

The sensitisation campaign commenced at the venue of the meeting of Nigeria Labour Congress Central Working Committee held in Enugu, recently.

Representatives of the National Insurance Commission (NAICOM), the Nigerian Insurers Association, (NIA) and the Nigerian Council of Registered Insurance Brokers (NCRIB) attended the event.

Speaking at the meeting, the Commissioner for Insurance and CEO, National Insurance Commission, Mr. Fola Daniel, highlighted the benefit of the Pension Reform Act 2014 as it relates to compulsory Group Life Insurance and Life Annuity for the employees by the employers of all tiers of government and the private sector. (As contained in section 4 subsections 5 and Section 7 subsections 1c).

He said: "Primary purpose of the relevant sections referred to is to ensure that employee dependants have succor in the event of death in the course of employment and comfort after retirement. The pension reform act 2014 is an update of the pension reform act of 2004. Whilst this act of parliament provides for the security of employees, it would remain a mirage or paper tiger unless conscious efforts are made to enlighten workers of their rights by respective labour unions to ensure that workers are not shortchanged as a result of failure of employer to comply with the provision of the act."

A synopsis of the benefits of the Group Life cover and Life Annuity was provided by the representative of the Nigerian Insurers Association, (NIA) at the meeting while President of NCRIB, Mr. Ayodapo Shoderu, advised the N L C to work with related stakeholders to take advantage of the Pension Reform Act 2014 for the benefit of its members.

Shoderu said the welfare of workers should continually occupy premium position in the reckoning of governments, stressing that the quality of labour was a major index in determining the advancement of countries of the world.

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Source: AllAfrica

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