Tac­tics for liv­ing on in­ad­e­quate pen­sion (5)

Daily Trust - - BUSINESS -

The Na­tional Pen­sion Com­mis­sion (PenCom) has is­sued guide­lines for vol­un­tary con­tri­bu­tion by em­ployed hold­ers of Re­tire­ment Sav­ings Ac­counts (RSAs).

The main pur­pose of the vol­un­tary con­tri­bu­tion is for those in em­ploy­ment to save more money to­day so that their pe­ri­odic pen­sion pay when they re­tire is en­hanced and can be suf­fi­cient to pay their bills.

To that ex­tent, the vol­un­tary con­tri­bu­tion is a tac­tic to avoid in­ad­e­quate pen­sion in the fu­ture. The vol­un­tary con­tri­bu­tion guide­lines al­low re­tirees on post-re­tire­ment con­tract jobs to sub­scribe to the scheme to save more into their ex­ist­ing RSAs and en­hance their pen­sion ben­e­fit.

Given the po­ten­tial of the vol­un­tary con­tri­bu­tion to make life eas­ier and more de­cent for pen­sion­ers, it is a wor­thy path to fol­low by those who have the fore­sight to par­tic­i­pate in the scheme.

Away from the PenCom’s vol­un­tary con­tri­bu­tion. For re­tirees who want to en­gage in in­for­mal em­ploy­ment or eco­nomic ac­tiv­i­ties to earn more and en­hance their in­come, start­ing a tea joint can serve that pur­pose.

Al­though we have not reached the food and agri­cul­tural por­tion of po­ten­tial eco­nomic ac­tiv­i­ties for con­sid­er­a­tion by re­tirees, it is still rel­e­vant to point out that a re­tired caterer in Nige­ria can start a tea shop, which should be equipped with modern tea and cof­fee mak­ing tools, at­tract cus­tomers and earn hand­some re­ward fHor do­ing so.

All it re­quires to be suc­cess­ful in the busi­ness is value-ad­di­tion by mak­ing the prod­uct unique and wor­thy of N500 or more per serv­ing. The tea and cof­fee shop should be so de­signed, dec­o­rated and of pleas­ant am­biance that N500 is the start­ing price per cup and add-on for the tar­get seg­ment of the pop­u­la­tion or mar­ket.

If the tea and cof­fee shop is pack­aged (branded) and pre­sented to the mar­ket pro­fes­sion­ally, it can grow into a chain of tea and cof­fee shops of na­tional, re­gional and global sta­tus to earn money for the pen­sioner and project the im­age of Nige­ria as a coun­try of can-do peo­ple. Star­bucks, the cof­fee and tea chain was ini­ti­ated by three friends, two teach­ers and a writer, who met as stu­dents at a Uni­ver­sity.

A re­tired Dis­penser who was in charge of a Pri­mary Health­care fa­cil­ity can be so en­trepreneurial in his dis­po­si­tion as to start a patent medicine store and meet the needs of peo­ple in a com­mu­nity for ba­sic drugs.

With a per­mit, the train­ing and ex­pe­ri­ence in de­tect­ing and re­ject­ing fake or ex­pired drugs, and the cer­ti­fied abil­ity to dis­pense pre­scribed drugs, the re­tired Dis­penser can hardly run out of money sim­ply be­cause the reg­u­lar pen­sion pay is in­ad­e­quate.

A re­tired sports ad­min­is­tra­tor can con­vert the ex­pe­ri­ence and skills ac­quired over the years in a Sports and Youth Min­istry into as­sets and make a liv­ing there­from as a sports pro­moter. This re­tiree may not nec­es­sar­ily be­come an in­struc­tor or a coach, but can float a team, or start up a gym where health-con­cious pa­trons can pay to ex­er­cise their limbs safely in a com­fort­able en­vi­ron­ment.

Re­tired sports ad­min­is­tra­tors in the coun­try can equally bid for the Sports Acad­emy in Karfi, Kano State, and sim­i­lar in­stal­la­tions across Nige­ria owned by state govern­ments, which are now mostly fal­low or un­der-utilised, and turn them into func­tional cen­ters for the train­ing and groom­ing of sport­ing tal­ents. While the re­tirees are paid for that ser­vice, the young tal­ents can be­come world class play­ers and sport­ing icons of the fu­ture in the global sports in­dus­try.

Re­tired cul­tural of­fi­cers at all lev­els can­not fail to pay their bills on ac­count of in­ad­e­quate pen­sion be­cause they can or­gan­ise in­de­pen­dent troupes, join the en­ter­tain­ment in­dus­try and make a liv­ing out of cer­e­mony-lov­ing Nige­ri­ans will­ing to pay for their ser­vices.

The cul­tural troupe may get pa­tron­age from from the ever-ex­pand­ing Nige­rian film in­dus­try. Ad­di­tion­ally, it can pro­duce, pack­age and mar­ket their own mu­si­cal films, al­bums and or­gan­ise live shows.

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