₦airaland Forum

larrypourl:
Bros, things don change oo, pension is now contributory which means what you saved is what you'll be paid after retirement. The one you're referring to is the old pension act. The new pension act don spoil things, all Govt workers should start planning their retirement now because it's no longer juicy as it used to be. Imagine a former registrar of a Fed Poly earning about 55k monthly after retirement. How would he cop? and that's for someone that got to the peak of his career oo, spent over 30 years in active service.

larrypourl:
Bro, the guy is actually correct. Pension is contributory according to the 2004 pension reform act, your pension is contributed monthly into your pension account registered with the PFAs and whatever you contributed after retiring is what you'll get depending on what you picked. if it's Program withdrawal, you'll get paid for 10 years after retirement but if you picked Annuity you'll be paid for life.
My father retired from the private sector and he gets his pension monthly. I work with FG and if I have the opportunity of getting a multinational job, I'm leaving. In fact, the new pension act is very good for those in the private sector because what their company deposits into their PFA account is higher than what any Govt job will deposit into your PFA monthly.

On the issue of paying you pension for life. It depends on what you picked, either Program withdrawal or Annuity after retirement.

Biodun556:
THE VALUE OF THE NAIRA.
~Eruobodo.

A currency's value is what is can fetch those who use it as a means of exchange!

Those in America use dollars and those in the UK use pounds sterling. Emiratis use Dirhams and Indians Rupees. Nigerians therefore use the Naira.

The Naira today, is equivalent to 600 units to the GB£ and 500 units to the US$.

Though we are quick to lampoon the Naira as worthless, but let us compare how much value each of these currencies equivalents fetch their owners/holders, within their borders?

In the US, a dollar ($) may not buy you more than a small bottle of water, while N500 will buy you a pack of 12 of the same bottles of water in Nigeria!

A pound (GB£) may not buy you even a small loaf of bread in London, but in Lagos, N600 will buy you and your partner, breakfast for 2, consisting of one N250 big loaf of bread, 4 fried eggs and 2 bottles of water!

Days ago, I bought 50 pieces of medium sized oranges from the Ketu fruit market for N1,000, that's just $2! I bought 3 pineapples for N500 ($1)!

A litre of fuel costs N160 in Lagos, but cost $0.86 (N430) in New York! While I know people who pay cad1,700 (N500,000) per month for their glorified room and parlour self-contained in Ottawa, that is what a friend pays in 6 months, for a 2 bedroom apartment, with separate toilet, bathroom and proper kitchen, in Dolphin Estate, Ikoyi!

So why do Nigerians make so much noise over the value of their currency, when it still fetches them more value than the other currencies that they pitch the Naira against? The answer is simple: the "values" of Nigerians!

While Nigerians reacted with consternation at Dino Melaye's obnoxious display of his stolen wealth, the average Nigerian behaves exactly like Dino Melaye! From the man on the streets to the Churchpreneurs who claim to represent God!

They produce nothing, but want to flaunt everything!

Someone lamented to me about his wife's tenant, who has failed to pay N120,000 rent, for nearly a year, but slaughtered a ram and made festivities, worth N150,000, during the last Moslem "Ileya" festival!
Ask me what the man produces? Zilch!

Had this same debtor taken the N150,000, wasted on the one day feasting to the market, it will be more than enough to set up a fried Yam, sweet potatoes, Akara business, that can net him N300,000 monthly, and take him out of poverty and debt forever!

So, because Nigerians are unproductive at home, but consume from used clothes, to fake hair and eye lashes, to even PMS, from the abroad, they keep whining about the value of the dollar/pound-sterling against their currency.

There are universities in Nigeria, and I had my education entirely in Nigeria! So, if I chose to send my children abroad, what is the headache of the government in my personal decision, should the currency in their country of choice proves unaffordable to me? Who send me?

My personal definition of the problem with Nigeria is that, the policies of the State are manipulated to suit the indulgences of certain classes of Nigerians, who feed fat on the miseries of the masses.

Government resorted to importing fuel because some privileged Nigerians criminally destroyed our refining capacities. Rather than punish them, we put the punishment on Nigerians.

Government "subsidized" the same imported fuel, to create artificial opportunities for some privileged people to loot our treasury, under the artificially created system of "subsidies".

These Nigerians and their fraudulent economists should stop fooling themselves about the poor exchange rates of the nation's currency. 95% of the citizens of this country need food, water, Medicare, etc, obtainable in Naira!

If some useless, lecherous and unproductive, yet entitled, vanity flaunting elements like Dino Melaye, need foreign currencies to feed their insanity, what has that got to do with Nigeria?

If you want to indulge in the zero nutrition Orange, imported from wherever and sold at times ten that of super tasting Oranges from Benue, must Nigeria care about your price plight? Who send you?

If you chose Pizza over Aboki freshly cooked spicy bread and eggs, please find enough Naira to indulge in your borrowed Italian taste. #KokanAye!

This argument over our poor currency is a lie of the elite to pass their problems as everyone's!

Days ago, I made a 4 litre bowl of cooked beans (enough to feed at least 8 adults) from a N200 ($0:40) measure of beans! Add another N500 ($1) worth of sweet potatoes, and you have a super nutritious meal for 8 adults!

That's less than $3 in total, N1,500 (including the costs of other stuff like onions, peppers and oil), to feed 8 adults?

Before you complain that the Naira is weak, tell me what you need the foreign currencies for, and #Eruobodo will show you how you and Dino Melaye are related!

Tajbol4splend:
Never ever

Righteousness89:
Learn the Lessons Here

So much Money Made. Not $1 taken with Escobar to Eternity.

Over there , no one Regards your Earthly Possession and Wealth.
Over there, no one Regards your Position, Height, Race or Whatever..

What Matters is if you Accepted Jesus Christ.
What Matters is who you lived for.
What Matters is if your Name is in the Book of Life..

As we Journey on this Earth, Do your Soul Good by Ensuring You Pursue what Really Matters..

God Give us Understanding..

frog12:
are you sure? pension is 65 to 70% of monthly salary?
that sounds GENEROUS!

uvie66:
and a serious minded prof will be restricted in attaining his or her full potentials due to nepotism.

Franktom247:
The op and the people who have washed pant before 6.6 million years for una

Tajbol4splend:
My woman and I were talking about it this afternoon, I was like, laye faabada

HolySword:
This is to remind 'Christians' that fornication is a sin

-- HolySword --

tnerro1:
Yes, but I just put it in the washing machine , it will wash , rinse and spin it , so na just to hang it be my work

HigherEd:
Lol I guess a serious professor would be working in Lautech then.

HigherEd:
Hmm Covenant is not really the school to appoint an acting management official unless something unsatisfactory happened. In this case I am sure the University slip from number 1 in Nigeria and west Africa to number 4 in Nigeria on the new times higher education ranking must have been the reason.

Usually they would have selected a new VC by conducting the selection process months ago or allowed the past VC to run a second term. Choosing an acting VC shows that replacing the VC in view of the expiration of his term was not prepared for.

kelvyn7:
I won't argue with you bro.
I have personally done findings about this.
You are only assuming since you don't want to find out from pension management company. Kindly provide where you got you information or its safe to assume that what you know is "hear-say"
Just believe what you want

But note that pensions can also be paid for life here. It depends on the plan you take after retirement.

solmus:
Lol you are so naive on how pension scheme now works

Who would you rather save your Pension with Government or Pension managers?

Almost all 36 states of the federation owes backlog of gratituity or pension, Osun State owes over 5 years, Oyo is just paying 2012 retirees pension and gratituity

However Federal workers on PENCOM schemes and Private workers get theirs in weeks after retirement.


No more arguements
kindly ask any retired senior citizen.

Govt might owe but they will still pay and they will be paid for life.

Govt and private pen schemes differ.
Govt pen is real.
why private pen is just a hype.

It doesnt qualify as pension.
how much do you think you will save in your pen scheme bf retirement?.

Can that money carry you for life.?

The govt contribute to the pension of workers,but private comps dont.




.

kelvyn7:
Bros no be so na.
If you dont know go and ask those working in persions office let them tell you. I dont need to google it.
Just walk into any stanbic IBTC pensions office and ask. they will completely educate you.

and you say "wait till retirement" when i know of a senior colleague who has retired and he is paid?

solmus:
They do pension in private sector is far better as you select which RSA company you want

kelvyn7:
this is not correct please.

I work for a private comp...and they pay pensions.
I can even see how much goes to my pensions every month.
I am telling you from personal experience o

maybe the private comp your are talking about are not properly structured or its a one-man-business

OgbeniOptional:
So far the location is going to be Nigeria, Choose Govt job unless the pay is 3 times higher than that of the private one.....My uncle got sacked in 2008 in a bank at the age of 43, he started airport cab business with his big daddy Camry. He died of heartattack when he was not let in USA in 2018 (Victim of terrible travel agent). In Nigeria, Job security is number one pls.

sinkhole:
but, OP said this one does!

sinkhole:
this company pays pension and he is not being employed on contract!

ShinnBet:
Communism is not love. Communism is a hammer which we use to crush the enemy.

Mao Zedong

Dangrace01:
How do you want to achieve this result