Can the government make pension schemes a must.

[Trexxxy]

Do you think the government can pass a law stating that any company or establishment that meets a certain industry standard must create pension schemes for their employees who are going to work with them for say a minimum of 10years. Do you think that is feasible. I think what the private companies will do is to just sack their employees before they reach that time period. Perhaps it is possible for the government to make sure that all companies have a compulsory pension schemes for their workers???.

 

[Kayzzy3]

Do you think the government can pass a law stating that any company or establishment that meets a certain industry standard must create pension schemes for their employees who are going to work with them for say a minimum of 10years. Do you think that is feasible. I think what the private companies will do is to just sack their employees before they reach that time period. Perhaps it is possible for the government to make sure that all companies have a compulsory pension schemes for their workers???.

Yes presently in my country pension deducted monthly from government workers salaries saving or investing the same into pension scheme through the pension commission.

It is a commendable effort from the government to save up for retired workers. Most workers in the armed forces usually have a separate pension commission from the other workers.

 

[Alexandoy]

In our country the government has an institution that handles the pension plan of the workers. Being employed in a company with at least 10 workers is mandated to contribute to the pension plan - the amount of contribution is shared by the employer and employee equally. However, the pension plan of the government is very minimal so I think there is a need for another pension plan. But there is only a handful of companies that has their own pension plan for their employees. One of them is IBM Philippines.

 

[Herzhan]

Do you think the government can pass a law stating that any company or establishment that meets a certain industry standard must create pension schemes for their employees who are going to work with them for say a minimum of 10years. Do you think that is feasible. I think what the private companies will do is to just sack their employees before they reach that time period. Perhaps it is possible for the government to make sure that all companies have a compulsory pension schemes for their workers???.

For most people, staying in a workplace pension is a good idea, particularly as your employer must contribute to it. The contribution your employer makes to your pension is part of your overall employment package – so opting out is like turning down pay. This makes workplace pensions a great way to save for retirement.

 

[Kaindio Agnes Wanja]

Do you think the government can pass a law stating that any company or establishment that meets a certain industry standard must create pension schemes for their employees who are going to work with them for say a minimum of 10years. Do you think that is feasible. I think what the private companies will do is to just sack their employees before they reach that time period. Perhaps it is possible for the government to make sure that all companies have a compulsory pension schemes for their workers???.

In government sector it is okay and good that they give people pension but for private companies i don't think if they can never do that even if the law is passed that they should do it after an employee have worked there for a certain period of time,am pretty sure that they will be sacking their employees before that period ends

 

[Hasan Raza]

Definitely the government should take action against those companies who fulfill the the standards of paying pension to the employees and not pay. But here the matter is changed the government is going to end the pension plan for their employees. Then how government will ask other departments to pay pension.

 

[Rimsha kanwal]

My employer has not paid his contributions to our defined contribution company pension scheme for the last six months although the employee contributions deducted from our salaries have been paid into the scheme. What action can we t​

 

[Jimmie150]

Yes I personally feel government should make pension a must for it's working class citizens in other to foaster development in the country. Pensions are important in a particular system of things.

 

[Sanusi]

The federal government can't make a pension scheme mandatory to all firms, so in the process whereby federal government wants to make it mandatory the private firms will protest against the decision made by government because private firms believe that nobody is running their business so they run it and bear the risk alone.

 

[Eodine]

Government already has provision for pension schemes, some government parastatals use pension scheme it is just corruption and bad government that made it look not feasible, and also there are law terms during employment contract that provides for employees and employers scheme but it's not common here

 

[Sammyesx]

That will be very good, it will go a long way in helping workers, most people that work for private firm all their life are not suppose to just retire and be forgotten there should compensation for them in firm of a pension.

 

[Sake]

Do you think the government can pass a law stating that any company or establishment that meets a certain industry standard must create pension schemes for their employees who are going to work with them for say a minimum of 10years. Do you think that is feasible. I think what the private companies will do is to just sack their employees before they reach that time period. Perhaps it is possible for the government to make sure that all companies have a compulsory pension schemes for their workers???.

There's a similar cases that's happening to my country where companies are firing employees that's about to be a regular so they wouldn't have to pay for their benefits. Which the government passed a law that prevents them from doing so, i think the government can make a pension mandatory law for when an employee is working for more than 10 years on their company.

 

[Kelvin7656]

The amount paid depends on your employer's pension scheme and your earnings, but ... Find out what your employer must do, what they can choose to do and what they must not do. I think the government of each state or country should make every business to have a scheme of paying pension to their retired employees because it's a welcome development to the society at large.

 

[Ifective]

It can actually work. That will make sure that private workers too have something to rely on when they are out of service. The scheme will be advantageous to people that do not want to retire in a private organisation even after getting a whole lot money as salary.
However, it might not be feasible as you said as some private organisation might want to outsmart the government by laying off their workers before they attain the years of service where pension is supposed to be due to them

 

[Miracles04]

Retired workers are heading toward defectively funded retirement, leaving a lot of them cynical about pension plans in the country and how the pension system works because they don’t want to lose their many years of labour to shylocks. Without sufficient income, mostly older adults who eventually rely on pension will lack the resources that enable them to live self-reliantly, access basic health care, and continue to play their roles in the society.

Plenty of workers unquestionably have doubts about these things and that’s obviously why only a fraction of the workforce has a pension plan. While pension plans has kept majority of older adults from sinking into destitution, far too many retirees are having trouble making ends meet.

Before our discussion takes centre stage in planning a successful retirement, we need to comprehend why our retirement is primarily of utmost concern in the first place. This may seem like an inconsequential question, but you might be surprised to learn that the key mechanisms of retirement planning run contrary to common belief about the best way to save for the future. Furthermore, proper enactment of those key mechanisms is essential in ensuring a financially secure retirement. This involves looking at each possible source of retirement income.

Quick Understanding about Pension Plan

A pension is designed to help you fund your retirement and replace the income you are no longer receiving from working. It can fit alongside all your other savings, from bank and building society accounts to property.
Pensions could be one important way to support your retirement. Another may be your home (some people talk about their property as their pension) and another could be all your other savings and investments such as deposit accounts and shares. Your retirement income may come from any combination of these.

But is there really anything to worry about? Is it safe to commit your money to a pension firm and expect to get it back? There’s certainly a lot that people need to know about how pensions work and how safe it is for them to have a pension plan.

First off, we need to be up front about the prospects of the National Pension Commission (PenCom) set up by the government to oversee all pension firms in the country. Their job is to make sure your money is secure with the pension firm you choose and that your business with the firm keeps moving smoothly. So if anything happens, the commission is empowered to step in and sort it out for you so you never get to lose a single naira.

Besides, people who think their pension firm will divert their pension need to know that pension firms don’t spend the money or use it for private purposes. By saving your pension or maintaining a pension plan, through your custodian, you’re able to put your money in a range of investments, such as the stock market, commercial property, bonds, and funds. The range of investments will depend on the scheme; you’ll even have some more money than what you’ve put in over the years.

When your employer deducts some of your salary as pension, they pay this money to a pension fund custodian. This custodian company then notifies the pension firm that you’re registered with. Then your pension firm updates your accounts with them and there are no stories. So even if your pension firm ever goes under (which is really improbable), your money is safe with the custodian.

Additionally, every pension firm is mandated by law to maintain a statutory reserve fund that they mustn’t take from at any time. It’s with this money they get to meet up if the PenCom steps in and asks them to pay up pensions that are due.

Even at that, there are people who think the government might take from their pension money. But of course the government doesn’t involve itself in the affairs of the pension firms and certainly won’t have access to your pension. The PenCom is the only government body that’s involved here and they only regulate and make sure your money is safe. They don’t take your money. They make sure nobody takes your money.

You can start taking from your retirement savings when you retire or when you’re 50 years old depending on your agreement with your employer. So normally a pension plan is basically like a savings account where you get to keep your money over time and then take from it later. But with your pension you normally can’t take from it until your retirement. This makes sure you don’t eat into your savings and jeopardise your own retirement.

But the good part of having a pension plan is that you could actually get up to a quarter of your pension right now if you ever lose your job and can’t get another one within four months. So you can get by with some of your money until you get back on your feet, and if you have to pay for healthcare or if your daughter’s university tuition is due while you’re between jobs for instance, your money will be readily available to you.

What’s also good is that your pension firm won’t just collect your savings and keep you in the dark. They’ll be in touch with you and send you regular updates about your account and how well the investments they making on it for you is doing. So at every point you’ll know how much you have in there to keep you assured that your money is safe. This is actually the way it works.


Even more disconcerting is the fact that the poverty rate among older adults in Nigeria is alarming, one of the highest among less developed countries. The major reason so many older Nigerians become poor when they retire is the lack of proper pension plan to complement our retirement.

Another reason is that, a lot of employers don’t get a pension plan for their employees and these employees don’t bother to seek out a good one because of their scepticism. But really it’s very important for Nigerians to think about the future and personally get a pension plan where they can put aside something for the future, so they can have something solid to fall back on when they retire.

Without your own savings to add to the mix, you’ll find it difficult, if not impossible, to enjoy much beyond the minimum standard of living when old age comes knocking. This situation can quickly become alarming if your health takes a turn for the worse.

Unforseen things happen all the time and without a backup it can be especially difficult coping with these circumstances when they happen. For instance, people have had their entire business wiped out by a fire
and have had to start from scratch at an old age.

Old age typically brings medical problems and increased healthcare expenses. Without your own nest egg, living out your golden years in comfort while also covering your medical expenses may turn out to be a burden too large to bear – especially if your health (or that of your loved ones) starts to deteriorate.

 

[Bholozy]

In some countries, pension scheme is a must. The government and employers pay some percent of the employee wages into this institution that handles pension scheme to help the workers settle after their years of service

 

[Profuk57]

of course government can pass a law that will make it compulsory for every worker to have a pension scheme like some other people have said in my country Nigeria your pension is being deducted on a monthly basis from your salary if you are a civil servant or working in some private companies.

 

[Odebunmi ajewamiri]

Can the government make pension schemes a must.​

Pension schemes in my country is a must for every government workers and some private companies have also adapt the schemes but I'm not sure if it make a much for every industry , but it won't be a bad idea if it is made a must for everyone one it would help a retiring age .

 

[Dubai]

Do you think the government can pass a law stating that any company or establishment that meets a certain industry standard must create pension schemes for their employees who are going to work with them for say a minimum of 10years. Do you think that is feasible. I think what the private companies will do is to just sack their employees before they reach that time period. Perhaps it is possible for the government to make sure that all companies have a compulsory pension schemes for their workers???.

I strongly doubt that government can make pension scheme a must for private companies. Note that, even the government agencies do not regularly pay pension to their retiree. So, they are also guilty in this regard. Private companies do pay gratuity to any member of their staff that retires or that was sacked by the company.

 

[mizzzlotam]

Pension is a must for works in government organizations. As long as you you work in a government parastatal at the point of employment a pension company is assigned to you. So I think it’s only compulsory for government workers. Although some private organizations are being to enforce pension too.