Teachers employed by teachers Service Commission have been enjoying free pension since independence until January 2021when the government introduced Contributory Pension scheme.
The introduction of Contributory Pension scheme saw teachers lose 2.5% of their pensionable pay to the kitty.
For fear of resistance from teachers, the government opted for phased implementation hence the second phase is due for January 2022.
By losing another 2.5% in January next year, teachers would be Contributing 5% of their salaries.
The third and final phase in 2023 will make the total Contributions hit 7.5% which is the government’s target.
Nevertheless, it’s not all teachers that are targeted for deductions as those who were above 45 years of age before 2021 were exempted.
Some of the benefits of Contributory Scheme are as follows:
One, Contributors are allowed to access their benefits even before attaining the mandatory retirement age of 60 years.
Two, past benefits from previous schemes will be transfered to the new scheme.
Finally other Pension Contributions such as widow child Pension scheme had to be stopped.
What are your views on this? Feel free to share your thoughts and comments on this on our comments platform.
