NLC President, Comrade Joe Ajaero, made the call on Thursday during a roundtable discussion with the management of the National Pension Commission (PenCom) in Abuja. The event was themed “Consolidating the Gains of the Contributory Pension Scheme through Collaboration with Social Partners.”
Ajaero said the proposed increase would allow workers to access more of their retirement savings to meet critical needs such as agriculture, education, healthcare, and small-scale investments amid rising inflation and living costs.
The labour leader also demanded the full constitution of the PenCom Governing Board, warning that the absence of a complete board undermines transparency and slows decision-making.
“Congress is deeply concerned about the continued non-constitution of the full PenCom board. In the absence of this board, how do we ensure the integrity of the commission’s actions?” he asked.
He further called for reforms to reduce the time retirees wait for their pension payments, urging PenCom to leverage technology to ensure that retirees receive their benefits within weeks, not months.
Ajaero also proposed setting up a standing NLC–PenCom committee to meet quarterly to address workers’ concerns and monitor reforms in the pension sector. He urged PenCom to act against inefficient Pension Fund Administrators (PFAs) and defaulting employers by publishing the names of non-compliant firms and enforcing stricter sanctions.
The NLC president further raised concerns about proposed amendments to the Pension Reform Act (PRA) 2014, insisting that workers had not been adequately consulted. He called for transparency and inclusion in the amendment process.
Responding, PenCom Director-General, Mrs. Omolola Oloworaran, described the Contributory Pension Scheme (CPS) as one of Nigeria’s most impactful social reforms, adding that it had restored dignity and confidence to the retirement process.
She said PenCom was currently implementing reforms under an initiative tagged Pension Revolution 2.0, aimed at expanding coverage, strengthening regulation, and improving service delivery.
According to her, “The CPS can only remain strong when Nigerian workers believe in it. That is why we are working closely with the NLC, which represents the interests of the people.”
Oloworaran revealed that the micro-pension scheme had been renamed the Personal Pension Plan and that PenCom would soon seek NLC’s input on the proposed PRA 2014 amendments.
The NLC’s push for increased RSA withdrawal comes amid rising inflation, high cost of living, and growing financial insecurity among Nigerian workers and retirees.
