Omolola Oloworaran, director-general (DG) of the National Pension Commission (PenCom), says the agency is planning to increase employers’ statutory pension contribution rate under the ongoing review of the Pension Reform Act (PRA) 2014.

Oloworaran disclosed the proposal on Tuesday at the 2026 pension consultative forum for states, the Federal Capital Territory (FCT), and licensed pension fund operators (LPFOs) in Lagos.

Under the current framework, employers contribute a minimum of 10 percent of an employee’s monthly emoluments, while employees contribute 8 percent, putting the total mandatory pension contributions at 18 percent.

Oloworaran said PenCom is in talks with the organised labour and the national assembly on amendments to the PRA.

The move, according to the DG, is aimed at strengthening retirement security through higher contribution rates.

She, however, noted that the process has not moved past the consultation stage.

“We are having active conversations

This post was originally published on this site.