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PENSION IN Nigeria EXPLAINED |THE CONTRIBUTORY PENSION SCHEME | RETIREMENT IN NIGERIA #pension


Most of us have never had pensions explained to us , but it is very important to know how pensions work in Nigeria. The very basic knowledge you need I don this video. Disclaimer: My channel is for information purpose only....(read more)


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Pension in Nigeria is a retirement savings plan that provides a steady income for people after they retire from work. The Nigerian government established the Contributory Pension Scheme (CPS) in 2004 to help citizens save for retirement and to provide a secure and comfortable retirement for them. The Contributory Pension Scheme is a three-tier system that involves the employee, the employer, and the Pension Fund Administrators (PFAs). Employees are required to contribute 8% of their monthly salary to a pension fund. Employers are then required to match the employee’s contribution and pay 15% of their salary into the fund. The Pension Fund Administrators are responsible for managing the funds and ensuring that the contributions are invested in profitable investments. The main benefit of the Contributory Pension Scheme is that it encourages citizens to save for retirement. The scheme also provides a tax-free income for retirees. This means that retirees do not have to pay taxes on the pension they receive. The scheme also provides a secure retirement income, as the funds are managed by professional Pension Fund Administrators. Retirement in Nigeria is a very important issue as it affects the quality of life of citizens after they retire from work. The Contributory Pension Scheme provides a secure and comfortable retirement for citizens and helps them to enjoy their retirement years without worrying about financial issues. The scheme also encourages citizens to save for retirement and provides a tax-free income for retirees. https://inflationprotection.org/pension-in-nigeria-explained-the-contributory-pension-scheme-retirement-in-nigeria-pension/?feed_id=69567&_unique_id=63e720143eeba #Inflation #Retirement #GoldIRA #Wealth #Investing #buildwealth #createvalue #EverythingaboutpensioninNigeria #financialfreedom #FIRE #howdoespensionworksinNigeria #howtoopenpensionaccount #investmentforretirement #money #NationalPensionCommission #OldPensionScheme #pension #pensionbasics #pensioncrisis #pensionexplained #pensionreform #pensionreformAct #privatepension #programmedwithdrawal #retireearly #retirementincomes #Whatisannuity #whatispensions #RetirementPension #buildwealth #createvalue #EverythingaboutpensioninNigeria #financialfreedom #FIRE #howdoespensionworksinNigeria #howtoopenpensionaccount #investmentforretirement #money #NationalPensionCommission #OldPensionScheme #pension #pensionbasics #pensioncrisis #pensionexplained #pensionreform #pensionreformAct #privatepension #programmedwithdrawal #retireearly #retirementincomes #Whatisannuity #whatispensions
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