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The Pension Reform Act 2014: Protecting Employees' Rights

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Pension Reform Act,Employees' Rights,Contributory Pension Scheme

The Pension Reform Act 2014 (PRA 2014) protects employees’ rights, offering crucial protection, compensation, and support throughout their careers and retirement. These rights extend to all employees enrolled on the contributory pension scheme (CPS). It is, therefore, crucial for both employees and employers to familiarise themselves with these rights to ensure compliance.

The Pension Reform Act 2014 (PRA 2014) protects employees’ rights, offering crucial protection, compensation, and support throughout their careers and retirement. These rights extend to all employees enrolled on the contributory pension scheme (CPS). It is, therefore, crucial for both employees and employers to familiarise themselves with these rights to ensure compliance.Section 3 (1) of the PRA 2014 establishes a contributory pension scheme for all employments in Nigeria.

The scheme guarantees the payment of retirement benefits to covered employees. It applies to employment in the public service, federal capital territory, states, local governments, and the private sector. The PRA affirms the right of every employee covered under it to receive a pension.Section 4 (1) mandates employers to contribute a minimum of 10 percent, while employees contribute a minimum of eight percent of their monthly emoluments to the pension scheme. The PRA defines monthly emoluments as basic salary, housing, and transport allowance

 

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