7 October 2024: The Good Governance Committee holds consultation meeting with the National Pension Provision Fund to discuss the status of Pension Policy
On 7th October 2024, the Good Governance Committee held a consultation meeting with the National Pension Provision Fund (NPPF) to discuss the status of Pension Policy and issue of high attrition.
During the meeting, NPPF representatives made a comprehensive presentation on key issues, including Pension Policy, details of pensioners, total collections, membership statistics, monthly disbursements, and the overall financial health of the fund. They also presented new initiatives, challenges faced, future directions, and investment plans, along with disaggregated statistics on pension types by profession.
NPPF officials clarified that the pension scheme itself is not a significant factor contributing to the attrition rate. Instead, they pointed to issues such as system transformations, limited job opportunities, and management practices as underlying causes. They highlighted that only 5% of members who served 18-20 years opted out of the pension scheme, indicating that the perception of an unattractive pension offering as the primary reason for job turnover is unfounded.
This dialogue reflects the Committee's commitment to understanding the complexities of workforce dynamics and improving governance in public sector institutions.
