The House of Representatives has passed the Pension Reform Bill 2013 after its consideration on the floor of the House by members.
The Bill, according to its explanatory memorandum, repeals the Pension Reform Act of 2004 and enacts the Pension Reform Bill of 2013 to continue to govern and regulate the administration of the uniform contributory pension scheme for both the public and private sectors in Nigeria and for matters connected with it.
The objectives of the piece of legislation, as set out in the Bill, are to establish a uniform set of rules, regulations and standards for the administration and payments of retirement benefits for the public services of the federation, the Federal Capital Territory, the State governments and that of the Local government councils and the private sector.
Additionally, the Bill will ensure that every person, who worked in either the public service of the federation, Federal Capital Territory, States and Local governments or the private sector receives their retirement benefits as and when due.
While the bill retains the minimum of eight per cent contribution of employees’ salary monthly into the scheme as in the principal act, it stipulates a minimum of 10 per cent monthly by the employer.
The new bill which has 121- clauses and 15 sections was passed after the chairman of the House Committee on Pensions, Ibrahim Bawa Kamba, moved for the consideration of the report of his committee on the bill.