PenCom releases guidelines on foreign currency contributions for Nigerians living, working abroad
The National Pension Commission (PenCom) has released guidelines on foreign currency (FCY) pension contributions, as part of the pension revolution 2.0, for stronger pension and stronger Nigeria.
The announcement was made by the Director General of PenCom, Omolola Oloworaran, on her X (Twitter) handle in Abuja on Wednesday.
She said that PenCom was embarking on a wave of rolling out new initiatives daily to enable setting higher standards across critical pillars of the pension endeavour.
Ms Oloworaran said that the FYC guidelines provide a pension arrangement under the Contributory Pension Scheme (CPS), for Nigerians living and working abroad.
Also, Nigerian/foreign workers working in Nigeria, but earning all or part of their remuneration in foreign currencies and other eligible persons are to make their payment in dollars.
Ms Oloworaran said that the contributors would also access their benefits in dollars, except they elect to do otherwise.
She said that the FCY pension contribution guidelines, which are being issued for the first time, mark a watershed moment for the CPS coverage expansion and financial inclusion drive.
The DG said that the initiative was a bold reform showing that PenCom cares about the retirement security of all working Nigerians irrespective of geographical borders.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
States
TCN receives transformers for Katsina substation upgrade
TCN received two new 100-megavolt-ampere power transformers for installation at the ongoing 330/132/33-kilovolt substation project in Katsina.
Abuja
FCT fire service begins upgrade of fire router devices for efficiency
It said the router was introduced in 2024 in collaboration with a technical service provider, Prime Alert Secure, as part of the FCT Fire Emergency Monitoring Gateway project.
States
Rivers man kills mother-of-two lover over alleged illicit affair
The police command in Rivers has arrested a man, Richard Emmanuel, for allegedly killing his lover, Caroline Sunday, following an argument in the Eneka area.
States
Court convicts Kaduna man for stealing Mouka mattress
Mr Dogo will serve 40 days of sweeping court premises for stealing the mattress valued at N206,000.
States
NHRC receives 118 human rights complaints in Kano
The National Human Rights Commission in Kano says it received 118 complaints of alleged human rights abuses in June.
States
Kaduna: Army chief reaffirms commitment to troops’ welfare
The Nigerian Army inaugurated a newly constructed regimental sergeant major accommodation at the 51 Signals Brigade, Ribadu Cantonment, Kaduna, to boost personnel welfare.
