New pension rate in nigeria
The new pension rate in Nigeria is governed by the Pension Reform Act (PRA) 2014, which established the National Pension Commission (PenCom) as the regulatory body for pension matters in Nigeria. The PRA sets out the rules and regulations for the administration of pension schemes in Nigeria.
As of 2022, the pension rate in Nigeria is as follows:
- Contributory Pension Scheme (CPS): Under the CPS, employees contribute 8% of their monthly salary to the pension scheme, while their employers contribute 10% of the employee's monthly salary. The total contribution is 18% of the employee's monthly salary.
- Voluntary Pension Scheme (VPS): Under the VPS, individuals can contribute up to 20% of their monthly income to a pension scheme.
- Micro Pension Plan (MPP): The MPP is a voluntary pension plan designed for self-employed individuals, small business owners, and individuals who are not covered by the CPS. The contribution rate for the MPP is 20% of the individual's monthly income.
The pension rate in Nigeria is subject to change, and it is essential to check with the relevant authorities or a financial advisor for the most up-to-date information.
Here are some key pension rates in Nigeria:
- Minimum pensionable age: 50 years
- Maximum pensionable age: 65 years
- Retirement age: 60 years (for federal government employees) or 65 years (for private sector employees)
- Pensionable income: N250,000 per month (approximately $667 per month)
- Maximum pensionable income: N500,000 per month (approximately $1,333 per month)
It is essential to note that these rates are subject to change, and individuals should consult with a financial advisor or the relevant authorities for the most up-to-date information.