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<p>The President of the Nigeria Labour Congress (NLC), Comrade Joe Ajaero, has called for the simultaneous negotiation of minimum wage and minimum pension, saying it is wrong for government and organised labour to focus on workers’ wages without addressing the welfare of retirees.</p><div class="3fV3rQ5D" style="clear:both;float:left;width:100%;margin:0 0 20px 0;"><script async src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js"></script>

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<p>Ajaero made the call while speaking at the National Pre-Retirement Summit, held at Shehu Musa Yaradua centre in Abuja where he raised concerns over the declining purchasing power of retirement savings and pensions as a result of inflation and other economic challenges.</p>
<p>According to the NLC President, the experience of retirees over the years has demonstrated the need for workers and policymakers to consider what happens to employees after they leave active service.</p>
<p>Ajaero said the depreciation of the value of money means that savings made during a worker’s active years could lose significant purchasing power by the time the worker retires.</p><div class="w7sHzfQH" style="clear:both;float:left;width:100%;margin:0 0 20px 0;"><script async src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js"></script>

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<p>He explained that a worker who saves â¦1 million at a particular period could find that the real value of the savings has substantially declined over time because of inflation and the rising cost of living.</p>
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<p>“It is wrong for us to start negotiating minimum wage without negotiating minimum pension,” Ajaero said, stressing that retirement benefits must be treated as an important component of workers’ welfare.</p>
<p>The NLC President said the objective of the summit was to examine ways of protecting workers from falling into poverty after retirement, particularly by ensuring that pension contributions and retirement savings are effectively managed.</p>
<p>Ajaero said pension fund administrators and other stakeholders in the pension industry must ensure that workers’ contributions are preserved and managed in a manner that protects their value against economic depreciation.</p>
<p>He said the challenge facing retirees goes beyond the amount accumulated in their pension accounts, arguing that the real value of such funds must also be considered in the face of inflation and increasing living costs.</p>
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<p>According to him, the purpose of the discussion should be to develop mechanisms that would enable workers to enjoy a reasonable standard of living after retirement instead of becoming financially vulnerable when they leave active service.</p>
<p>Ajaero also questioned the adequacy of the existing provision allowing retirees to make a 25 per cent withdrawal from their retirement savings, saying such an amount may not provide sufficient financial support for retirees facing the realities of life after employment.</p>
<p>The NLC President called for consideration of mechanisms that would allow retirement contributions to serve as collateral for accessing funds, particularly for retirees who want to establish or manage businesses.</p>
<p>He argued that allowing workers to leverage their retirement savings as collateral could provide them with access to capital while preserving the broader objective of retirement security.</p>
<p>Ajaero said retirees who have acquired skills and experience during their years of service should be supported to use those skills to remain economically active after retirement rather than being left without adequate means of livelihood.</p>
<p>The labour leader also linked the removal of fuel subsidy to the declining purchasing power of pensioners, saying rising transportation and living costs can make existing pension payments inadequate.</p>
<p>Ajaero explained that a pensioner receiving â¦30,000, for instance, could face serious difficulties meeting basic transportation and other expenses when the cost of fuel and other essential commodities rises.</p>
<p>According to him, pension policy must therefore take inflation into account so that pension benefits do not lose their purchasing power as the cost of living increases.</p>
<p>He called for pension investments and benefits to be reviewed in line with prevailing inflationary trends, arguing that the value of retirement income should be protected against sustained increases in prices.</p>
<p>Ajaero further urged the National Pension Commission (PenCom), pension fund administrators and other policymakers to establish stronger channels of communication with workers and contributors.</p>
<p>He said workers who make regular contributions to pension schemes should have opportunities to interact directly with regulators and policymakers so that their experiences and concerns can influence decisions affecting the pension system.</p>
<p>The NLC President said such interaction would enable policymakers to better understand the challenges faced by contributors and retirees, particularly those struggling with the effects of inflation and the rising cost of living.</p>
<p>Ajaero said the labour movement would continue to advocate policies that protect workers not only during their active years but also after retirement, stressing that retirement security should remain an integral part of labour negotiations.</p>
<p>He said the discussions at the National Pre-Retirement Summit were therefore aimed at finding practical solutions to the challenges confronting workers and retirees and preventing poverty in old age.</p>
<p>The NLC President maintained that a comprehensive approach to workers’ welfare must cover both minimum wage during active employment and adequate pension after retirement, saying the two issues should not be treated separately.</p>
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