The Nigeria Labour Congress (NLC) said the sustainability of Contributory Pension Scheme (CPS) is under threat, citing the Federal Government liability in the scheme which it said stands at N183 billion.
This is just as retirees under the aegis of Association of Contributory Pension Retirees lamented some of the challenges associated with the scheme.
Speaking at the congress of the Nigeria Union of Pensioners yesterday, NLC president, Ayuba Wabba said the contributory pension scheme is being threatened by non compliance by major stakeholders, especially employers.
He said retirees under the scheme go through stress to access their funds. According to him, if the issues and challenges inherit in the scheme is not addressed; the scheme will soon hit the rocks.
Also speaking, President of the Nigerian Union of Pensioners (NUP), Dr Abel Afolayan enumerated some of the challenges bedevilling the contributory pension scheme.
He said the inability of the Federal Government in releasing funds has caused pensioners under the scheme to suffer because no retiree was paid since October 2015 to date.
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