The Nigerian Labour Congress (NLC) has repeated its request for the Federal Government to increase the 25% withdrawal cap on Retirement Savings Account (RSA), citing the increasing financial struggle experienced by Nigerian workers, to 50 percent.
Comrade Joe Ajaero, President of the NLC, made the appeal during a high-level discussion with management of the National Pension Commission (PenCom) in Abuja.
The gathering, themed “Consolidating the Gains of the Contributory Pension Scheme Through Collaboration with Social Partners,” concentrated on raising the living of pension contributors and retirees facing increasing inflation and falling purchasing power.
The News Chronicle gathered that the NLC’s demand reflects growing dissatisfaction among employees, many of whom have trouble satisfying basic needs including healthcare, education, and small business expenditures. The Congress contends that more access to pension funds would offer much-needed financial relief in a difficult economy.
Ajaero also urged the Federal Government to fully constitute the PenCom Governing Board, stressing that its partial composition undermines transparency and effective oversight in the pension industry.
He expressed concern that the absence of a full board has slowed policy decisions and raised doubts about accountability within the Contributory Pension Scheme.
The labour leader further called for reforms to shorten the time retirees wait to access their benefits, proposing the use of technology to ensure payments are processed within weeks instead of months.
He also recommended the creation of a joint NLC–PenCom committee to monitor reforms, address grievances, and ensure stricter sanctions against defaulting employers and inefficient Pension Fund Administrators.
Responding, PenCom Director-General Mrs. Omolola Oloworaran reiterated the Commission’s dedication to openness, calling the pension system one of Nigeria’s most significant social changes.
To broaden coverage, toughen control, and improve service delivery, she announced the continuing application of Pension Revolution 2.0, adding that the micro-pension programme has now have been renamed the Personal Pension Plan to draw more contributions.
The need for a greater withdrawal limit arises as Nigerian employees struggle against growing living expenses, fluctuating income levels, and financial instability—all of which keep strain on household budgets throughout the nation.
