How to Make Money in Nigeria

How to make Money in Nigeria

INTRODUCTION

At Oak Pensions, we offer retirement advisory services to our various customers. Our dedicated team of professionals can be reached via our various channels which include but are not limited to telephone help lines, written enquiries, website, and face chats to offer the following services.

The law establishes a mandatory funded contributory Pension scheme based on Individual Retirement Accounts for all Federal and Private Sector employees. The PRA 2014 has revised the rate of pension contribution (from 7.5% contributed equally by the employer and employee under the old law) to 8% for the employee and 10% for the employer; bringing the minimum total contributions for both parties to 18% compared to 15% previously. As contained in the 2004 legislation, an employer may choose to make the total mandatory contributions without making deductions from the salary of the employee; however, total remittance for any employer who chooses to remit without recourse to the employee must not be less than 20% of the monthly emolument of the employee.