PHOTO SPEAK

National patron, CLASFON, Dr Wole Olufon, Kaduna State Anthony General Hon Commissioner for Justice, Jonathan Kish Adamu, Commissioner for police Lagos State .Umar Abubakai Manko, mni and Justice John Inyang Okoro .During the Christian Lawyers Fellowship of Nigeria 33^rd Annual National Conference,held at Muson Centre, Onikan, Lagos, Nigeria.

Insurance company pay accident journalist

L-R: Accident journalist, Bimbo Oyetunde, receiving a medical bill compensation cheque from Bode Opadokun, general manager, Technical and Nike Nihinlola, senior manager, technical both of Consolidated Hallmark Insurance plc on an insurance cover by the company for members of the National Association of Insurance Correspondents (NAICO) at the Surgical Emergency Ward of the Lagos State Teaching Hospital, Ikeja, Lagos.

Photo speak

Is this a sign of respect or political tactics? Somebody please ask Senator Iyiola Omisore

PFAs are not open to contributors in investment of their money - Karo

Dr. Karo Ogbinaka, is the chairman of Academic Staff Union of Universities (ASUU) University of Lagos chapter. He lectures in the faculty of Philosophy, University of Lagos. In this interview with ELIMONLINE, he states that though the benefits would be accrued pensioners is all 'swallowed' by PFAs. Excerpts:

How would you describe the operation of PFAs in Nigeria?

That is very hard to determine, you can only know which PFA is doing well when you retire and getting your retirement benefit. Some workers discovered at the end of the day that what they got for their retirement is much lower than what their colleagues got even they retire with the same status from the same PFA. And that is why we are agitating that even when we retire as professors and operating the same PFA, our retirement pay should be the same; there must be uniformity in what we get at the end of the day. There will be a fair scientific calculation to what everybody gets at the end of the day but the present situation will give room for cheating and that is what we are against. If you as a worker to begin to monitor which PFA is doing well or paying adequately, then, distraction will set in; full concentration at work will no longer be there. People need to have some level of assurance that when they retire and don’t have energy to continue with any work, ‘their pension will be sufficient enough for them to live on.’ Due to anxiety about what the PFA will do with their money; most workers begin to acquire what they don’t need, just to kill the anxiety.

For crying out loud, nothing stops a PFA from approaching a contributor to inquire where he will like to retire to at the end of his service day or what he would like them do with his money. Having knowledge of this would make someone have something to live on, while working. One will be rest assured that he has something to meet at the end of the day when he retires. This singular act will check corruption.

Pension Fund Administrators (PFAs) are supposed to collaborate with Housing Fund to see what can be done to assist workers ahead of when they will retire. They (PFAs) can liaise with bank(s) for their clients and know what would be best for them at the end of the day. That is why they are called Pension Fund Managers. At least, that effort will check corruption; no worker will worry of how he could steal money to get himself a roof to live under at the end of the day. That is why perhaps in Europe, the average worker is not bordered about many things because there is adequate policies which cater for their retirement day. They have a good transport system, good housing policy and the pension is there.

Go to anywhere in the world, anybody that steals pension money has committed crime against humanity and such people should be thrown in jail for life because you have just put in jeopardy the entire working life of some people. When senior citizens are queuing and some died while under the sun struggling to collect what they have worked for in their early days. This has been responsible for fear in the mind of those that are still working, that one day, it will be their turn to be denied their funds.

If the Federal Road Safety Commission (FRSC) has requested to pull out; likewise the Nigerian Police Force and the military. If the security arms that are supposed to protect us in case any unpalatable thing happens, are not willing to participate; then what assurance do we still have? That means we are in real trouble.     

Everyone must plan for happy, productive retirement

The retirement years is no doubt a period of time when people should always look forward to, since one of the main goals of working is to be able to retire at an age where health and income are sufficient to carry you through the golden years. However, having a retirement plan is more than simple financial planning. While you need to have a plan for your finances, you also need to have a plan for managing your time to maximise your pleasure and satisfaction during this time of your life. It therefore means every one of us must take certain concrete steps to plan for a happy and productive retirement.

Own your home

Owning a home that does not have a mortgage should be a main objective of any retirement plan. Yes, there are still taxes to pay and insurance to buy, but the absence of a house payment or rent adds enormous flexibility to your retirement income. When you own your home, you can live your life without worrying that you might lose your home if something happens to reduce your income. The hundreds of naira that mortgage payments or rent subtracts from your disposable retirement income can seem huge on the reduced amount of monthly income that most retirees receive.

Make time for family

Attending to a job takes a lot of time from your week. If you have a commute, even less time remains for connecting to family. One of the benefits of retirement is the amount of bonus time that you should have. Forty to sixty hours per week are returned for you to spend on something other than full-time employment. This is the time to open your life for more family time.

Although your grown children are working, invitations for meals can offer times for bonding and remove the stress of preparing dinner after working a full day for them. Most people will gladly accept such invitations a time or two per week. Unless you are estranged from your children, this will be a treasured time for you and them. Generally, a home cooked meal will not set the budget back too badly compared with taking everyone out to a restaurant.

Plan trips for adventure and pleasure

It is easy to fall into the trap that since you are not working, you do not need to get away. Plan your retirement budget to allow for at least a couple of trips per year away from home. A nice cruise or all-inclusive vacation type of trip can get you away from the day-to-day routine. It will also provide for new experiences and even a measure of adventure as long as your health is good. Most of the time, it will require you to set aside some amount of money per month to fund this travel without breaking the budget. Add this amount to your monthly retirement needs when preparing your retirement financial plans.

You need the grand children

Grandchildren are your path to earthly immortality. Regardless of your religious belief, your DNA is being conveyed into future generations through the grand children. You need to share more things with them than just your genes. You have a lifetime of experience and experiences to share with them. The only way that this happens is by spending time with them. For younger grandchildren, you can act as a part-time baby sitter. As they get older, include them in your travel and activities. Your stories and their experiences with them will pass into future generations at the same time as your genetics.

Remove the things requiring upkeep from your life 

Maintaining things requires both time and money. Fewer items in your life that need maintenance mean more time and money for you. Your retirement home needs a smaller yard and fewer bedrooms. Reduce your garden and ornamental plants to a minimum. If you cannot afford to pay someone to take care of items that need constant attention, consider moving them out of your life.

Explore new hobbies or rekindle old ones

Having a hobby can add pleasure to retirement. This hobby also needs to be one that you can lay down and walk away from when needed. Do not let hobbies turn into obligations. Filling your hours with something other than empty time will give you more satisfaction in retirement. Strive to make the hobby fit into the constraints of your budget. A hobby that empties your wallet will become a burden instead of a pleasure.

Do things with friends

In retirement, you have the time to spend more time together with friends. It is not just limited to evenings or non-work time. You can meet for lunch or work a puzzle together. If you enjoy games, this is a great time to dig out the old games to play during your visits with friends. You may even want to plan a trip or two with your better friends. Time spent with friends is usually one of the least expensive ways to have enjoyment in retirement.

Turn a hobby into income

Because some people find that income is lower and expenses are higher than anticipated in retirement, extra income can be a blessing. Even about ten thousand naira or so per month can make a dramatic difference in the retirement lifestyle. If your hobby is one that can produce income, you will have the best of both worlds. You can enjoy your hobby and still make money at the same time.

Find opportunities to volunteer

One of the problems with retirement is the feeling that you may no longer be important to society. A good way to solve this problem is to volunteer. Public schools, churches, and a variety of other agencies are always clamouring for volunteers. Usually, the amount of time devoted to these tasks can range from an hour or two per week to nearly a full time unpaid job. Regardless of how much time you give, it is a great way to feel needed and productive.

Guard your nest egg

Retired citizens face three potential risks to their retirement income. The first is scam artists who prey on retirees. The second is changes in the economy that can erode income from investment and savings accounts. The third is overspending. Staying on guard is the only way to keep these three from depleting your retirement income and ruining your retirement years. Keeping a strong budget in place is the only way to give you some security against these potential retirement spoil.

Economic growth not benefiting Nigerian masses—World Bank

World Bank has revealed that Nigeria’s economy’s performance in the last 10 years has been puzzling.

This is contained in a publication titled, ‘Nigeria Economic Report,’ released on Monday. The World Bank said a decade of high economic growth had not translated to much welfare improvement for the generality of the country’s citizens.

According to the bank, the country needs to find a formula that will enable the wealth of the nation to cascade to the generality of the populace through rapid creation of jobs.

The report states, “Nigerian economic statistics reveal a puzzling contrast between rapid economic growth and quite minimal welfare improvements for much of the population. Annual growth rates that average over seven per cent in official data during the last decade place Nigeria among the fastest growing economies in the world.

“This growth has been concentrated particularly in trade and agriculture, which would suggest substantial welfare benefits for many Nigerians. It is imperative that Nigeria finds a recipe to unlock rapid growth and job creation in a larger part of the country, as well as to increase standards of education, health and other social services to enable its citizens to find gainful employment in the emerging growth poles.”

In a similar report, the International Monetary Fund (IMF) had said although the high growth rate had been sustained for a decade, unemployment is still high.

IMF had said, “Strong growth on the order of six per cent a year has been sustained over the last decade, but the official unemployment rate has increased over the period and poverty remains high.

“To make growth more inclusive, the authorities initiated a comprehensive programme in 2012, prioritising macroeconomic stability and reforms to boost competitiveness and productivity, especially in labour-intensive sectors.

“Initial outcomes have been generally favourable although progress in some areas has been slower than originally envisaged.”