The National Pension Commission (PenCom) has announced that the total contribution by participants under the Micro Pension Plan (MPP) stood at N161.27 million as at June 30, 2021.
This is contained in a bulletin published by the commission on its social handles in Lagos on Tuesday.
PenCom said that a total of 69,310 participants had also been registered by Pension Fund Administrators (PFA’s) under the plan.
The commission stated that it had conducted extensive consultations with relevant stakeholders such as labour unions, trade groups and professionals in ensuring that the MPP is fit – for – purpose.
“According to recent World Bank figures, there are enormous potentials of the informal sectors in Nigeria which comprises 80.4 per cent of Nigeria employment.
“PenCom is therefore optimistic about consistent growth in the number of participants and attendant accumulation in the MPP asset,” the commission said.
PenCom initiated MPP in pursuant to the provisions of the Pension Reform Act, 2014, which enables workers in private sector organisations with less than 3 employees as well as self -employed persons to participate as contributors under the Contributory Pension Scheme (CPS).
The goal of MPP is to minimise old-age poverty and enhance financial inclusion.