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Organised Private Sector rejects federal government's proposed pension contribution hike

The Organised Private Sector of Nigeria OPSN has voiced strong opposition to the National Pension Commission's proposed increase in mandatory pension contributions and the introduction of an additional three percent mandatory annual contribution. The OPSN, which includes the Manufacturers Association of Nigeria, the National Association of Chambers of Commerce, Industry, Mines and Agriculture, and the Nigeria Employers’ Consultative Association, among others, described the proposal as premature and counterproductive. They argue that while the intent may be to improve retirement benefits, the current economic conditions could make it a "Greek gift" that threatens employment, wage growth, business sustainability, and escalates compliance risks. The OPSN highlighted that Nigeria's current minimum pension contribution of 18 percent is comparable to the OECD average and should not be considered inadequate without specific actuarial evidence. They emphasized that any increase must be supported by credible assessments and emerge from genuine social dialogue, warning that imposing additional statutory payroll costs without a comprehensive impact assessment would further pressure struggling businesses, potentially leading to slower recruitment, reduced staff, and higher prices for consumers. The OPSN urged the Federal Government and PenCom to prioritize macroeconomic stability, enterprise sustainability, and job preservation, advising against policies that erode purchasing power and c