PenCom Targets Self-Employed Professionals with Enhanced Micro Pension Scheme
The National Pension Commission (PenCom) has announced plans to expand and promote its micro pension initiative among self-employed professionals, including lawyers, doctors, engineers, and town planners. Aimed at boosting financial inclusion, the initiative allows informal sector workers to save for retirement. To make the scheme more appealing, PenCom intends to add basic health insurance coverage as an incentive for participants.
PenCom is also considering renaming the “micro pension” initiative to better reflect its benefits and appeal to self-employed professionals. During a recent event at the Lagos International Trade Fair, Dr. Babatunde Alayande, Head of PenCom’s Micro Pension Department, emphasized the commission’s focus on increasing awareness and encouraging participation in the scheme. He noted that incentives like health insurance are designed to provide value beyond savings, encouraging long-term commitment.
Representing PenCom’s acting Director General, Akinsola Adeseun reiterated the commission’s role in ensuring retirees receive timely pensions. Additionally, Head of Corporate Communications Ibrahim Garba Buwai emphasized that the initiative supports financial security for informal sector workers, helping them prepare for times when they may no longer be active in the workforce.
