Can the government make pension schemes a must.

[Trexxxy]

I

In my country there is a pension law that regulates all matters relating to pension both in the public and private sector. So far an organisation has up to ten workers they must be enrolled under the pension scheme and 5% of monthly salary will be deducted and another 5% will be contributed monthly by the employer to the workers pension fund account.

I think this is a good initiative, and if every company can abide by this rule then it would be highly beneficial to the workers.

 

[Toyoabasi]

I am sure they can, and if they can enforce it, it will still be of benefit to us.
Right now, only government workers are eligible for a pension.
The private sector workers seem left out.

If the government wants to enforce this, am certain they can. It would be of benefit to workers, especially the private sector workers who may not be able to have tangible savings.

 

[kayode10]

Pension scheme is a must for the public worker in my country. So far you're working for the government a certain amount will be deducted from your salaries which will go straight into the pension scheme. You are going to have access to the money after serving the government for 35 years.

 

[greenie]

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.

 

[Sotherefore]

I think it shouldn't be a musk but the people should always consider it as the best and every citizen should be encouraged to engage as it can help them in the future, it shouldn't be a must as we have our personal right to do our own decision.

 

[Grandeur]

The government has a right to provide better lives for the citizens and one way to do that is by providing Pension scheme for when citizens retire in their old age but it can only be enforced in a government institution.

 

[HayKay]

Well I think they'll be helping the citizens if they do that but unfortunately not all of them would be happy with it. I've seen some people who're so money driven that they might not want to be gratified later. They prefer it instantly.

 

[kayode10]

Pension is only compulsory for the public workers in my country. The moment you start working for the government you are going to have an account with associated pension scheme. The only problem is that some people may come up at a time and embezzle the fund.

 

[tyrim88]

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.

That is equally applicable in our country,and the government as well as the private firm do their own contribution while the other part is done by the employee,reason it is called a contributory pension scheme.

 

[Setho]

The thing is that it still boils down to the ordinary citizens if they like the pension scheme in which their government or their workplace is giving them so they have the right to choose.

 

[frederick_9]

Most people should continue contributing to their workplace pension, especially because your employer is required to do so.
Opting out would be the same of declining salary because the employer contribution to your pension is a part of your overall employment package.
Because of this, employer pensions are a fantastic method to save for retirement.

 

[Syldan]

I think it won't be a better idea for government making pension schemes a mandatory because not all business are having the same profit of equality and the level of financing it business.

 

[tyrim88]

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​

The issue of an employee not paying the money he has been deduction from the salaries of his employees is not a good one, because whenever the government agencies comes in a found out about the matter,then it will be a big offense for the management.