Wednesday, 7 November 2012

Labour Leaders Calls For Investment Of Pension Fund In Housing Sector

 Labour leaders have advocated for investment of the pension funds in the housing sector following a robust workers' contributory pension fund of 2point 7 trillion naira.

The President of the Nigeria Labour Congress, Comrade Abdulwaheed Umar and the former President of the Trade Union Congress, Peace Obiajulu said apart from investing the money in the equity market, the housing developers should have access to the fund to built affordable houses for workers.

The Labour Leaders spoke in Abuja on Tuesday at the Annual General Meeting of the Trustfund Pensions Plc.

In the same vein, the President of the TUC Comrade Peter Esele said investing the money in the housing should be done only after amendment of the Pension Act and legal framework that would check abuse of the fund.

Earlier, the Chairman, Board of Directors of the Trustfund Pension Plc, Ngozi Olejeme said the level of growth achieved in the past one year presents a ray of hope for the future

She enumerated the challenges of the Pension Industry in Nigeria to insecurity, policy inconsistencies, alleged pension fraud, fuel subsidy scandals and poor implementation of the nation's budget.

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