Abuja: The Director General (D-G) of the National Pension Commission (PenCom), Mrs. Omolola Oloworaran, has announced the launch of the PenCare initiative, aimed at providing quality and affordable healthcare for retirees under the Contributory Pension Scheme (CPS). Oloworaran made this known during the inauguration of the Board of Trustees for the Pension Industry Health Care Initiative (PenCare) in Abuja.
According to News Agency of Nigeria, the PenCare initiative marks a significant step towards establishing a pension system that ensures both financial security and the health and dignity of Nigerian workers upon retirement. The initiative is set to commence with at least 20,000 retirees, aligning with President Bola Tinubu's directive to guarantee access to quality and affordable healthcare services for retirees under the CPS.
The D-G emphasized that the PenCare initiative embodies the President's dedication to enhancing the quality of life for Nigerians, especially senior citizens who have contributed significantly to national development. Oloworaran noted that the inauguration of the board represents the beginning of a new era of hope, with PenCare designed to reflect international best practices in social protection while catering to the specific needs of the nation.
The board of trustees will be responsible for providing strategic oversight and policy direction for the initiative's implementation. Among their duties are formulating operational frameworks to ensure retirees' access to affordable healthcare, accrediting and supervising Health Maintenance Organisations (HMOs), and promoting collaboration between the pension and healthcare sectors to enhance service delivery and retirees' welfare.
Oloworaran highlighted that the nine board members were selected for their integrity, competence, and professional experience in the pension, health, and financial sectors. She emphasized the importance of their role in steering the initiative towards impactful outcomes and fostering a successful partnership between public and private entities. The initiative is also seen as an opportunity for innovation and leadership in social protection, showcasing the pension industry's commitment to both savings and the well-being of Nigerian workers.
Mr. Mohammad Ahmad, the Chairman of the board, stated that the initiative would be particularly beneficial for low-income retirees, enabling them to access essential healthcare services without financial strain. He underscored the importance of health for retirees and expressed his team's dedication to their well-being.