The Nigerian Labour Congress (NLC) has called on the government to raise Retirement Savings Account (RSA) withdrawals from 25% to 50%.
With living costs rising sharply, the union argues that workers need more access to funds for education, healthcare, and small investments.
NLC Demands Higher RSA Withdrawal Limit
Recently, NLC President Comrade Joe Ajaero made the appeal at a PenCom roundtable in Abuja.
The meeting, themed “Consolidating the Gains of the Contributory Pension Scheme through Collaboration with Social Partners,” highlighted ways to improve workers’ access to pensions.
Moreover, Ajaero criticised PenCom’s incomplete governing board, saying it slows decisions and reduces transparency.
Calls For Reform And Oversight
He urged the commission to adopt technology for faster retiree payments and to enforce stricter rules against defaulting employers and ineffective Pension Fund Administrators.
In addition, he suggested creating a standing NLC–PenCom committee to meet quarterly, monitor reforms, and address workers’ grievances.
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He also called on PenCom to communicate clearly about proposed amendments to the Pension Reform Act 2014.
PenCom Responds With Pension Revolution 2.0
Furthermore, PenCom Director-General Omolola Oloworaran described the CPS as one of Nigeria’s most transformative social reforms.
She explained that Pension Revolution 2.0 will expand coverage, strengthen regulation, and improve service delivery nationwide.
She also announced that the micro-pension scheme now operates as the Personal Pension Plan, and she will involve the NLC in upcoming reforms.
Consequently, with inflation and financial insecurity increasing, the NLC’s push highlights workers’ growing concern over securing their retirement savings.