The Organised Private Sector of Nigeria has pushed back against plans by the Federal Government to increase mandatory pension contributions, warning that the proposal could worsen the challenges already facing businesses and workers across the country.
According to the employers’ groups, the planned increase includes a proposed additional annual contribution equivalent to three per cent of an organisation’s total wage bill.
They said it would place further pressure on companies struggling with rising operating costs and a difficult economic environment.
The position was made known in a joint statement issued by leading business associations, including the Manufacturers Association of Nigeria (MAN), the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), the Nigeria Employers’ Consultative Association (NECA), the Nigerian Association of Small and Medium Enterprises (NASME), and the Nigerian Association of Small Scale Industrialists (NASSI).
The groups expressed concern over recent comments by the Director-General of the National
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