Informal workers in Nigeria are rallying for a significant change in their pension scheme, demanding a 50:50 co-contribution model that would enhance social protection for millions. The demand, articulated by the Federation of Informal Workers’ Organizations of Nigeria (FIWON), highlights the growing recognition of informal workers' contributions to the economy and their need for financial security in old age.
Currently, informal workers lack access to formal pension systems, leaving them vulnerable in their retirement years. This push for a co-contribution scheme seeks to address this gap, ensuring that both workers and the government share the responsibility of securing a stable future. "A 50:50 co-contribution would empower informal workers and provide them with the dignity they deserve in retirement," stated Abubakar Bako, FIWON’s General Secretary.
As the Nigerian government grapples with economic pressures, the implementation of such a scheme could foster greater financial inclusion. By investing in the social protection of informal workers, Nigeria could not only uplift millions but also stimulate economic growth through increased consumer spending among this vital workforce.
