A total of 51,974 informal sector workers have registered for the Micro Pension Plan under the Contributory Pension Scheme since it was launched by the Federal Government in March 2019.

The National Pension Commission, in its 2020 second quarter report, disclosed that these workers contributed N42.1m as of the end of June 2020.

Part of the report read, “During the quarter under review, the PFAs registered a total of 2,839 contributors under the Micro Pension Plan for whom a total of N7.4m had been remitted to the RSAs as pension contributions.

“Cumulatively, a total of 51,974 informal sector workers had registered for the MPP and contributed the sum of N42.1m as at June 30, 2020.”

PenCom said that during the second quarter of 2020, six participants converted from MPP to the mandatory CPS sequel to their employment in the formal sector.

This brought the total number of MPP participants who had converted to the mandatory CPS to 18 as of June 2020, it stated.

While giving an overview of workers under the CPS, the report said during the quarter under review, the Pension Funds Administrators recaptured 56,990 RSA holders and uploaded their data on the Enhanced Contributory Registration System.

The Enhanced Contributor Registration System, which was deployed in June 2019, provided a platform for addressing various issues identified with the Contributor Registration System.

PenCom stated that the PFAs under the assistance of Pension Operators Association had commenced the implementation of a shared service approach in order to speed up the data recapture exercise.

It stated that it generated a total number of 190 employer codes in the period under review using the ECRS.

Over 92 per cent of employer codes generated were for private sector companies including about seven per cent for small businesses, it stated.