By Omobola Tolu-Kusimo

AXA Group and parent company to AXA Mansard Plc have continued to demonstrate their commitment to eradicating coronavirus pandemic globally.

This was made known in a statement by the company on the COVID-19 pandemic and the launch of the AXA Solidarity Response.

According to the company, at the early stage of the crisis, the AXA Research Fund was the first to support the COVID-19 Task Force launched by the Institut Pasteur, a world-class research centre, with 33 institutes in 25 countries, thus, has been at the forefront of the fight against COVID19.

The Chief Executive Officer, AXA Group, Thomas Buberl, stated that the Task Force would help understand how the virus works and spreads and develop new diagnostic tools and treatments. AXA will further strengthen its commitment to Research by earmarking five million euros to fight COVID-19.

He said at a time intensive care units around the world are under  pressure, AXA Group has partnered Fund 101, an organisation that federates more than 1,200 intensive care units across 60 countries, to share and accelerate improvements in therapeutic protocols.

Read Also: AXA Mansard plans N100m life

He said: “In France, AXA Group purchased two million masks, which were given to the medical system while also helping health workers by financing their meals. In addition, AXA Group has gone a step further in its commitment with 101 Fund by launching a global solidarity challenge, #AXA Solidarity Response, with its employees to support 1,200 intensive care units in 60 countries, including Nigeria.

The challenge which will run from the 7th of April through to the 30th of June, 2020, will give each AXA employee the opportunity to donate five Euros, financed by AXA, to 101 Fund by publishing a solidarity message on their personal Twitter or LinkedIn or Instagram account, enabling them to also take action, even from home.

“The world is going through a crisis that will stand in collective memory. In an unstable environment, AXA has been fully mobilised since the outbreak of the pandemic to respond to two challenges: the health emergency, by protecting its employees and clients, and the economic and social emergency, by ensuring the continuity of a business that is essential to society.

In line with our mission, and consistent with the actions taken by public authorities around the world, we are announcing today new commitments to reinforce the impact of initiatives already underway.”

Chief Customer and Marketing Officer, AXA Mansard, Jumoke Odunlami, added that since the outbreak of the pandemic, AXA has been at the forefront of educating its customers and community about the precautions to take and we would continue to do so.

By Omobola Tolu-Kusimo

The Consolidated Hallmark Insurance Plc (CHI) rights offer   was extended from the April 1 to May 1, 2020 because of the coronavirus (COVID-19) oubreak, the Group Managing Director/Chief Executive Officer of the firm, Eddie Efekoha, has said.

Efekoha, in a statement, said the extension also became necessary because investors would usually wait till the last week of the offer before taking offers.

He noted that having an insurance policy is the surest way to  peace, stressing that as the world continues to grapple with the adverse effects of COVID-19, the need to leverage insurance in mitigating risks is vital. He praised regulators for their  support.

Efekoha, also the President, Chartered Insurance Institute of Nigeria (CIIN), cited instances where insurance has come through to rescue notable world events and businesses.

Read Also:Ohaneze donates N.2m, bus to fight COVID-19 in Anambra

Although he acknowledged that there is no cover for pandemics, such as Covid-19, in the country, and that there are very few cases abroad, the demand for the cover is, however, expected to rise in future as people have been aware of the benefits of insurance.

He said: “In the days, months and years ahead, we expect insurance cover for pandemics and other infectious outbreaks to be in high demand and the insurance industry would be expected to come up with an appropriate response and when it is done, the insuring public would be made aware.

“The insurance industry, may not pay claims for business interruption flowing directly from the outbreak of Coronavirus due to the absence of the cover but the sector remains poised to respond appropriately when business interruption occurs due to specified risks in policies like fire outbreak, explosion damage etc.’’

He however noted that some burglars had taken advantage of the coronavirus lockdown by burgling shops of business owners, who are observing the lockdown directive of the Federal Government.

He said where the business owners have insurance, they should be rest assured of compensation.

Bola Adegbaju

Often times we talk about pension plan but we don’t really understand the real meaning and the purpose which is primarily, to make provision for ones retirement or old age.

Let me mention that any time you hearA the word ‘pension’, it literarily means retirement. So a pension plan is a retirement plan that requires an employer, employee or individual to make contributions to a pool of funds set aside for future benefits.

Many entrepreneurs have resolved to the fact that they are not qualified for pension because they are working for themselves. They are neither employees of one private organization or any government establishment. In fact some believe that it is only civil servants that are entitled to pension, as it used to be before the Pension Reform Act 2004 was established, now repealed by Pension reform Act 2014.

Howbeit, I will like to state that Pension plan is not meant for salary earners alone. As a matter of fact, a small scale business owner can earn pensions in his/her old age if there is a plan.

My interactions with some employees revealed that employers are not making provisions for their employees’ pensions according to the law and nothing is being done by the government. The truth is that there is no enforcement of this law.

I am therefore putting up this to encourage every individual to make a private arrangement for his/her pensions, even if your employer has a provision for you. The two ways of making this arrangement can either be through the Contributory Pension Scheme (as stipulated by law) or the Personal Pension Plan.

1.Contributory Pension Scheme:

Where there are more than fifteen(15) employees in a private organisation, the employer is mandated to ensure the employees register with a Pension Fund Administrator (PFA)of their choice, who will open a Retirement Savings Account (RSA) for them. The provision of the Act applies to any employment in the public service of the federation, FCT, states and local governments. The monthly contributions is supposed be paid into the employee’s retirement savings account by the employer throughout the period of employment.

You cannot make any withdrawal except:

• You are 50years
• You retire and lump sum will only be given provided the amount left after lump sum will be sufficient to procure programmed withdrawal or annuity
• When advised to retire based on total/permanent disability of mind or body.
• When advised to retire based on mental /physical incapability.

In case of retirement, you are to advise your PFA of your retirement six months before so that they can know whether you are choosing programmed withdrawal or annuity.

If it is resignation and you join a new company, you will advise your PFA of the new employer and your new employer continues with the monthly remittance.

You are also allowed to take only 25% of the amount in your retirement savings account while you are searching for another job.

If you resign and start your own business, you have to wait till you are 50years to get you RSA fund.

Note that the minimum contributory rates  from any employer to his employee’s retirement savings accounts as stated in the Pension Reform Act 2014 should be 10%  of the employee’s monthly emoluments and 8% from the employee himself. This means a total of 18% of the employee’s monthly emolument should be remitted to the RSA of the employee every month.

2.Personal Pension Plan

If you are a business owner(entrepreneur), then you will need to make a private arrangement by yourself.

For those who have been in one employment before, this private arrangement can be with your existing Pension Fund Administrator. For someone who has never registered with a PFA, you need to do so or purchase a retirement plan from a life insurance company. Only Life insurance Companies are licenced to do this. You will have to agree with the PFA or insurance company  on the amount you will be paying and the frequency of payment for that period of cover.

Pension, retirement plan, annuity, programmed withdrawal or whatever name we call it, is a means of enjoying ones old age if put in place.

We all should try to put a plan in place.

By Omobola Tolu-Kusimo

When does the deduction of pension contributions of a new employee commence?

An employer is obliged to commence the deduction of pension contributions for a new employee from his first salary.

What comprises an Employee’s monthly emoluments?

The PRA 2014 defines monthly emoluments” as total monthly basic salary, housing allowance and transport allowance.

What is Annual Total Emolument (ATE)?

An employee’s Annual Total Emolument is the total sum of basic salary and allowances payable as his/her remuneration for one year, as may be provided under the salary structure or terms and conditions of his/her employment.

How does the Federal Government remits the Pension Contributions of its employees into their RSAs?

The Pension contributions of Federal Government or employees of Treasury Funded Ministries, Departments and Agencies (MDAs) are deducted at source and lodged into a Contributory Pension Account with the CBN.

The Commission computes the pension contributions and advises the CBN to credit the contributions directly to the PFCs.

However, for Federal Government employees who are already on the Integrated Payroll and Personnel Information System (IPPIS), the Office of the Accountant General of the Federation (OAGF) remits their contribution to their respective PFCs.

5. How does movement from one employment to another affect Pension contribution?

Movement from one employment to another does not affect pension under the CPS. Upon change in employment, the employee is only required to give the new employer his/her existing RSA details into which payment of subsequent monthly pension contributions would continue.

By Omobola Tolu-Kusimo

In a statement, Hassan-Odukale   said the underwriting firm also partnered other insurance firms to provide life insurance cover worth N5 billion for healthcare workers battling to save those infected by the virus.

He added that the company had earlier, donated as part of funds being raised by the Nigeria Insurers Association (NIA) in its NIA COVID-19 Support Fund.

He said: “The donations align with the company’s value of service and customer focus. The donations would aid the government in combating the spread of the pandemic in the country.

We understand the magnitude of the risk taken by health workers who have elected to support the government to take care of Nigerians in the wake of a pandemic that is ravaging worldwide.

“We salute their tenacity, resilience and professionalism as they battle COVID-19, putting their lives on the line to ensure that Nigerians are adequately cared for during this period.

We understand the weight of their duties and hope that this support reassures them and indeed all Nigerians, that we are in this together.”

Read Also: Ondo needs a dynamic governor, says Oyedele

He pointed out that prior to the donations, Leadway had been in the forefront of sharing critical information on the pandemic, partnering “Doctors on Air” on radio to bring the Commissioner of Health, Prof. Akin Abayomi, in a special edition to discuss the Corona Virus Pandemic.

“Leadway was also one of the first companies to initiate its #WorkFromHome policy before the state pronouncement, ensuring seamless remote service via its several alternative channels while disseminating COVID-19 prevention tips in major languages within its areas of operations in addition to English, French and Pidgin, highlighting the NCDC’s COVID-19 helplines on radio and all its social media channels.

“The company urges Nigerians to adhere strictly to the precautionary measures prescribed by the World Health Organisation (WHO), the Federal Government, the Nigerian Centre for Disease Control (NCDC) and the Lagos State Government to successfully curb the spread of the outbreak in the country.

The firm will continue to work with the government and health agencies to support ongoing efforts to contain the pandemic,” he noted.

By Omobola Tolu-Kusimo

The Nigeria Union of Pensioners (NUP), Oyo State has called on Governor Seyi Makinde and the Nigerian Army to call to order the army personnel who unleashed terror on the staff members of the pensioners’ radio station, FM 106.7.

Secretary of the union, Comrade Olusegun Abatan, who made this call in a statement said the incident in Ibadan, the Oyo State capital.

Abatan, also the Managing Director of the pensioners’radio station, alleged that the soldier who was drunk shot, was on the convoy of the task force on the implementation of curfew.

He assaulted a staff member of the pensioners’ FM 106.7, who is the Head of Programmes and News of the Station, Dr. Babatunde Tiamiyu, around the Total Petrol Station at 8.15pm on March 31 on his way home.

He said: “The tyre of the vehicle of the radio shot by the drunk soldier got shattered. Dr. Tiamiyu escaped death by the whiskers. His mate on the convoy called his attention to the fact that radio personnel belong to those on essential duties.

Rather than heed his mates, he went on the rampage and went on a shooting spree shattering the tyres of about seven vehicles packed at the petrol station.

“We seize the opportunity to implore that security personnel that would be on essential duties during this Coronavirus pandemic are those who are certified mentally stable.

Read Also: Oyo records two new cases of COVID-19

This is not a time to re-enact the ‘Unknown Soldier Era’ of the 70s when innocent Nigerians were brutally mowed by those whose duties were to protect them. We also call on people of good conscience to condemn this act of barbarity by the drunk soldier.”

Abatan, however, disclosed that soon after they issued their statement on the incident, the Commander of Oyo State Special Security Outfit, “Operation Burst”, Brigadier-General Thomas Ogunsugba visited the radio station to apologise over the personnel’s action.

“He described the media and security agencies as partners in progress for the development of the country, stating that the act by the said officer was unfortunate.

“The Brigadier-General, who is also a garrison commander in the Nigerian Army, however, expressed displeasure over the way the news was reported, describing it as scary and damaging to the image of Nigerian Army, saying there was no record of shooting at the scene of the incident along New Ife Road, Ibadan, on the fateful day contrary to reports.

“He explained that efforts were ongoing to identify the soldier who acted wrongfully. He added that the news report on the incident has gone viral and has been putting pressure on the leadership of the security outfit.”

General Manager Pensioners FM 106.7 FM, Mr Lere Shittu, who called for cordial relationship between the media and security agencies, wants those saddled with public security to be civil and respect people’s right even during emergency situations.

The victim of the incident Tiamiyu, who was also at the meeting, appreciated the Brigadier-General for his sense of responsibility and display of maturity on the issue.