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Nairaland Forum / Nairaland / General / Business / Voluntary Pension Contributions Still Very Low – Susan Oranye (8758 Views)
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Voluntary Pension Contributions Still Very Low – Susan Oranye by nex(m): 9:21am On Sep 14, 2015 |
Susan Oranye is the Executive Secretary of Pension Fund Operators Association of Nigeria. She speaks about the challenges, achievements and future of Nigeria’s pension industry in this interview with SIMON EJEMBIhttp://www.punchng.com/business/highflyers/voluntary-pension-contributions-still-very-low-oranye/ 1 Like |
Re: Voluntary Pension Contributions Still Very Low – Susan Oranye by alsudaes1(m): 9:48am On Sep 14, 2015 |
Nigerians are yet to clear the phobia they have for pension operators from their mind 2 Likes |
Re: Voluntary Pension Contributions Still Very Low – Susan Oranye by lonelydora: 11:05am On Sep 16, 2015 |
Nobody wants to hear stories that touch after retirement. It is well even in the well. englishmart show your face. |
Re: Voluntary Pension Contributions Still Very Low – Susan Oranye by ketekete: 11:05am On Sep 16, 2015 |
What exactly is wrong with this country?. What else do you expect?. Only young work force helps pensioners. As far as I am consigned, young people are finding it very difficult to find a good job in this country. I would definitely consider the young vibrant population of workers that have their whole careers and lives ahead of them a definite strength for the pensions industry as they represent a pool of funds that can be invested for economic growth. |
Re: Voluntary Pension Contributions Still Very Low – Susan Oranye by ednut1(m): 11:06am On Sep 16, 2015 |
best way to reduce ur tax liablity Voluntary Contributions are additional contributions you can add to your mandatory pension contributions. These funds would be deducted from your monthly emolument by your employer and remitted into your Retirement Savings Account (RSA), along with your regular pension contributions.The significant advantage of VC over other savings scheme is the contribution is deducted before tax thereby reducing your tax liabilities. Note that income (not the contribution) earned on Voluntary Contributions is subject to Personal Income Tax if withdrawn within 5 years.It is advisable to withdraw quarterly; bi- annually or yearly and Withdrawal takes 2-3 weeks to process.The contributions are managed like your pensions. The smart workers also pay their bonus into the VC to avoid tax. Simplified illustration Mr Seun Earns N200, 000 per annum taxed at 21%, he decides to make VC of N70, 000 monthly. Take home pay (THP) without VC TAX-N200000 *21%= N42000 THP= N200000-42000= N158000 Take home pay with VC of N70000 Tax-(N200000-70000)*21%= N27300 THP = N130000-N27300=N102700+(N70,000 VC) Tax savings= N42000-N27300=N14700 Mr Seun is getting a tax saving of N14700 monthly from this scheme. (For those who know how to compute standard take home pay add the annualized VC to your pension’s contributions). https://www.nairaland.com/2477444/savings-investment-tips-job-seekers 9 Likes 1 Share |
Re: Voluntary Pension Contributions Still Very Low – Susan Oranye by debbie(f): 11:06am On Sep 16, 2015 |
Why wont it be low? when those already contributed becomes very difficult to collect.The present situation with pensioners of either government or private organizations is a nightmare.Naturally people get scared.Even the pension companies are not making things easy for people.....shady deals. Various companies refusing to even remit their own.....why wont people develop a cold feet? How many people can actually boost of benefiting from their pension contributions? When we don't implement all the supposed pension reform policies? When there is no job security?........people are opting for private businesses or some form of trade. When you are not sure of the reforms any new government will bring? When an average Nigerian is yet to understand and accept pension contribution as a necessity. With all the changes that CBN and various banks are making....biko how do you expect them to VOLUNTARILY CONTRIBUTE? Abeg the list is endless. Our pension system has a long way to go. |
Re: Voluntary Pension Contributions Still Very Low – Susan Oranye by mznuez(f): 11:06am On Sep 16, 2015 |
Hmmm |
Re: Voluntary Pension Contributions Still Very Low – Susan Oranye by jimfend: 11:06am On Sep 16, 2015 |
I wish I have time to read all that... 10 Ways To Become A More Confident Person [Infographic] http://viewslog.com/discussion/187/10-ways-to-become-a-more-confident-person-infographic |
Re: Voluntary Pension Contributions Still Very Low – Susan Oranye by Pavore9: 11:07am On Sep 16, 2015 |
With the historical tales by moonlight stories around pensions not being paid out.....We can't be blamed! 1 Like |
Re: Voluntary Pension Contributions Still Very Low – Susan Oranye by Segadem(m): 11:07am On Sep 16, 2015 |
ok |
Re: Voluntary Pension Contributions Still Very Low – Susan Oranye by walemadu: 11:08am On Sep 16, 2015 |
people wont do it cos u pension administrators are corrupt and dubious |
Re: Voluntary Pension Contributions Still Very Low – Susan Oranye by encryptjay(m): 11:08am On Sep 16, 2015 |
To be honest, I didn't read a thing |
Re: Voluntary Pension Contributions Still Very Low – Susan Oranye by jammyunn(m): 11:08am On Sep 16, 2015 |
I think it boils down to inadequate enlightenment and also fear of lose of money. |
Re: Voluntary Pension Contributions Still Very Low – Susan Oranye by dedugbaa(m): 11:09am On Sep 16, 2015 |
Am After first |
Re: Voluntary Pension Contributions Still Very Low – Susan Oranye by DiegoNakel(m): 11:12am On Sep 16, 2015 |
Don't even know what to say ¯\_(ツ)_/¯ |
Re: Voluntary Pension Contributions Still Very Low – Susan Oranye by AmakaDNBStories(f): 11:13am On Sep 16, 2015 |
SMH Check my signature |
Re: Voluntary Pension Contributions Still Very Low – Susan Oranye by awesomesossy(f): 11:14am On Sep 16, 2015 |
***Yawns*** BORING ...removes slippers...**runs out** |
Re: Voluntary Pension Contributions Still Very Low – Susan Oranye by CrazyScientist: 11:15am On Sep 16, 2015 |
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Re: Voluntary Pension Contributions Still Very Low – Susan Oranye by richidinho(m): 11:17am On Sep 16, 2015 |
ok |
Re: Voluntary Pension Contributions Still Very Low – Susan Oranye by constantchanges: 11:17am On Sep 16, 2015 |
Ok |
Re: Voluntary Pension Contributions Still Very Low – Susan Oranye by philfrey08: 11:18am On Sep 16, 2015 |
In summary? |
Re: Voluntary Pension Contributions Still Very Low – Susan Oranye by jobaltol: 11:18am On Sep 16, 2015 |
The fear of all these pension organisations that Nigerians av can't be underestimated. Imagine saving part of ur savings as pensions and later, the managers of these pension organisations embezzle it...you can't sue them and if u a lucky to do that, the corrupt courts will come up with a legal technicality called plea bargaining....and they walk out free... |
Re: Voluntary Pension Contributions Still Very Low – Susan Oranye by tsdarkside(m): 11:21am On Sep 16, 2015 |
go ask tb joshua,,,that galactic idiat gave out 60million dollars for nothing...this wan have miss road completly.... |
Re: Voluntary Pension Contributions Still Very Low – Susan Oranye by Nobody: 11:22am On Sep 16, 2015 |
I knew what I went through when I applied for 25% of my pension contribution in one of the pfa.I spent half of the 25%.It was an awful experience. |
Re: Voluntary Pension Contributions Still Very Low – Susan Oranye by free2ryhme: 11:23am On Sep 16, 2015 |
Most pensioners are groaning under the present CPS because what they receive can't meet present economic reality. Naira lost about a third of its value in 1 year, inflation is close to double digits while commercial bank charge more than 20% interest on loan. PFA give a ridiculous interest rate of about 5%. The contributions are actual losing value. This may not discourage corruption as workers now realise that after retirement they might faced more difficult time. Despite the structure in place, PFAs and PF custodians may collude to steal the money or influence how the money is invested using other people's money for their selfish interest. Some of contributory amount issued by PFA may just be paper work and fake Government should license more custodians and allow workers to also contribute to how their money is invested and also check the veracity of value of their contributions. The pension is not even for life PFAs must generate more than 20% interest rate on the contributions not 5% Government must shore up the contributions so that the first lump some payment should be in excess of previous gratuity and further payments should meet economic reality afterall some politicians enjoy severance package and life entitlement after 4 years Corruption should be prevented rather than punishing the offenders as the result has been disappointing and stolen money is not usually fully retrievable. There should be a way to prevent PFA issuing paper, fake, nonexisting value. More PF custodians should be licensed as it is not wise to put all eggs in just ''4 baskets'' What if PFA invested and resulted in loss of investment or insolvency? What if PF custodians is mismanaged and become insolvent? Government should guide against this and have plan B and back up. The payment should be made for life. Nigerian workers under CPS need to pray so that retirement will be fruitful and rewarding 1 Like |
Re: Voluntary Pension Contributions Still Very Low – Susan Oranye by Dottore: 11:23am On Sep 16, 2015 |
What are people contributing. No be when u Chop before u talk about saving.things hard joor |
Re: Voluntary Pension Contributions Still Very Low – Susan Oranye by richardoz(m): 11:28am On Sep 16, 2015 |
we know they have analysed the problems but what are they doing in proffering immediate solutions!? |
Re: Voluntary Pension Contributions Still Very Low – Susan Oranye by omusiliyu(m): 11:28am On Sep 16, 2015 |
This is serious ooo |
Re: Voluntary Pension Contributions Still Very Low – Susan Oranye by donholy28(m): 11:31am On Sep 16, 2015 |
9ja nawah o |
Re: Voluntary Pension Contributions Still Very Low – Susan Oranye by Nobody: 11:47am On Sep 16, 2015 |
free2ryhme: Apart from all your aforementioned factors above, another demonic thing is the fact that the FG allowed all these devilish PFAs to lure even people who are/were above 10 years in service to join the PFAs. How do they expect these people to earn substantial amount that will be able to take care of their basic needs after they retire? For example, my mum was earning above 120K while in service but take home 20k every month as pension after retirement. When we complained, they said that her current pay is due to the amount she contributed before retirement. They knew that some people's contribution won't be healthy after retirement, yet they lured them in for their own selfish motives anyway. They scrap PFAs... they are fraudulent. |
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