The Akwa Ibom State Governor, Mr. Udom Emmanuel, has said his administration is planning to review the existing pension laws with a view to putting in place an efficient framework for the smooth implementation of the Contributory Pension Scheme.
The measure, according to the governor, is to ensure proper management of the pension scheme towards forestalling the prevalent deficit on the pension arrears of workers at retirement.
Emmanuel dropped the hint while fielding questions from the Government House correspondents at the Ibom International Airport, after he had attended the World Pension Summit held at Transcorp Hilton Hotel, Abuja.
The governor, who maintained that the Contributory Pension Scheme was better than the Definite Pension System currently in operation, said that the measure would checkmate misappropriation and change the perception of workers who look forward to retirement with gloom, as they usually wait for years without receiving their entitlements.
Commenting on their participation, the Commissioner for Finance, Mr. Akan Okon, noted that the state had a lot to gain from the summit. He gave an insight into how the state would tap into the pension reserved fund which had been dormant.
His counterpart in the Ministry of Investment, Commerce and Industry, Mr. Emmanuel Enoidem, who described the summit as a congregation of experts from within and outside the country in the management of pension funds, said that the summit had given the state the opportunity to deepen its knowledge in pension funds management.
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