The Organized Private Sector of Nigeria (OPSN) has cautioned the Federal Government and the National Pension Commission (PenCom) against plans to increase mandatory pension contributions, warning that the proposal could undermine job creation, suppress wage growth and threaten business sustainability.
The OPSN, comprising the Manufacturers Association of Nigeria (MAN), the Nigeria Employers’ Consultative Association (NECA), the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), the Nigerian Association of Small and Medium Enterprises (NASME), the Nigerian Association of Small Scale Industrialists (NASSI), and 25 other sectoral employer associations, described the proposal as a potential “Greek gift” to Nigerian workers.
The warning follows comments by PenCom Director-General, Omolola Oloworaran, on plans to increase mandatory pension contributions and introduce an additional annual contribution equivalent to three per cent of employers’ total wage bills.
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