PenCom Targets 1 Million Women for Pension Enrollment

The Pension Commission (PenCom), led by Omolola Oloworaran, has set a target to enroll one million women in its Personal Pension Plan (PPP) by the end of 2026. This initiative aims to enhance pension coverage among workers in Nigeria's vast informal sector, where many women lack structured retirement savings.

Speaking at an event in Utako Market, Abuja, to commemorate International Women's Day, Oloworaran explained that the PPP is designed to accommodate the realities of informal sector workers, whose incomes are often irregular. Participants can contribute flexible amounts daily, weekly, or monthly, depending on their financial capacity.

The plan allows for contributions as low as N1,000. Additionally, PenCom will introduce a temporary matching contribution initiative to incentivize women to sign up, matching contributions up to a maximum of N20,000.

This initiative aims to provide financial security for women operating outside formal employment structures and to encourage their participation in retirement savings.