The Managing Director, IEI-Anchor Pension Managers, Mr. Glory Etaduovie, has urged labour unions to have trust in government on the workability of the Contributory Pension Scheme.
He described as untrue the report that some states that adopted the CPS were failing, adding that the mix-up was coming from the challenges of transition from the old scheme to the new one.
The operator, who observed that some retirees were agitating for full payment of their pensions, said this negated the pension’s idea of a steady and regular income at retirement age. He said, “Many retirees are not business-wise. Not even at the retirement age when it will be difficult to learn new tricks.”
Rather than stay away from the CPS, he said it was better for the labour leaders to fully understand its strength for critical advice.
The pension expert said governments worldwide were unburdening themselves in matters of public utilities, health management (as in the Obamacare health plan or the HMOs), and some others were seeking public private partnership to manage costs and ensure efficiency.
According to him, the investment style of the CPS would benefit all, and grow the scheme on compound interest basis annually.
He said, “The CPS is a global trend slightly adapted in different countries. It is not experimental. It is working and efficient. It is open to all for scrutiny and investigation.”
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