Compulsory life insurance policy suffers setback

Compulsory life insurance policy suffers setback

The implementation of compulsory life insurance policy as provided by the Pensions Reforms Act of 2004 has now suffered a serious set back as a disagreement has ensued between officers in the office of the Head of Service of the federation and those of Budget Office over the matter.

A federal civil servant who is at the verge of his retirement and who opted for a position of anonymity said that the dispute between the two offices which are under the presidency was frustrating smooth implementation of the policy and expressed fears that some federal civil servants might go home at the end of their service without hope of their pension benefits if the disputes were not promptly resolved.

According to him, federal civil servants were appalled to notice that, whereas the National Pensions Commission (PenCom) was established to ensure that the implementation of the law on compulsory life insurance policy for the civil servants had no hitches, the office of the head of service of the federation and the budget office had busied themselves on who, among them, had the right to place the life policy for the workers.

---