Connect with us

Jobs

7 Out of 10 Workers Not Saving Enough For Retirement

Published

on

retirees

Around 70% of working age individuals who began seeking financial advice from deVere Group to date this year were not adequately saving for their retirement, it has been revealed.

Nigel Green, the chief executive and founder of deVere Group, one of the world’s largest independent financial advisory organisations, with more than 80,000 clients and $12bn under advisement, says: “This is an alarmingly high percentage.

“Seven out of 10 of all the new clients we took on as a firm last year were not saving enough in order to be able to have a comparable lifestyle in retirement.

“When we initially meet with new clients, we do detailed studies of their current financial situation. Then we discuss what age they would like to retire and how much money they would need to have saved over their working lives in order to achieve this.

“This year, only about 30% were saving enough to be able to make their own long-term financial objectives a reality and having enough money to last throughout their retirement.”

He continues: “The high number of individuals not having accumulated enough for their retirement is concerning for many reasons including because we’re living longer, meaning the money we save throughout our working lives has to last longer.

“In addition, in the future, it’s unlikely that governments will be in a position to support older people like they have done for previous generations; plus many company pension schemes have ballooning deficits.

“Also, it should be remembered that it might not be possible to work longer if necessary due to ill health, lack of career opportunities, or because you need to look after sick or elderly relatives.  The decision might not be up to you in the end.”

Bearing this in mind, how much income should we be putting aside for our retirement?

That will depend on your age and when you started saving, amongst other factors.

However, in general terms, deVere Group, which has helped tens of thousands of savers get on track with their retirement planning, suggests that people aged between 25 and 34 should be saving between 15 and 20% of their income, for those between 35 and 44 this should increase to 20 to 30%, for the 45 to 54 bracket it goes to 30-40%, and those 55 and over would need to save a considerable amount more.  Of course, this all depends on the individual and their personal and professional circumstances.

Mr Green concludes: “Whatever stage you are at in your working lives, the time to start saving is now. The earlier you begin, the easier it will be to reach your long-term goals.  And it’s never too late to start saving for your retirement.”

Continue Reading
Comments

Jobs

Kaduna Workers To Start Earning N72,000 Minimum Wage November, Bayelsa Gov Budgets N689.4bn For 2025

Published

on

Minimum-wage

Workers in the employment of the Kaduna State Government will start earning the sum of N72,000 as minimum wage from November, this year.

This came as Governor Uba Sani approved the new minimum wage of N72,00 and promised continued prioritisation of civil servants’ welfare.

Sani, in a statement released by his Chief Press Secretary, Ibraheem Musa on Thursday, the decision is in conformity with his lifelong commitment to promoting and protecting workers’ rights.

The governor also promised to improve the living conditions of the poor, vulnerable and underserved in Kaduna.

He also revealed his plan to launch a free transportation scheme for civil servants with the release of 100 CNG buses.

Sani said the free transportation scheme, which included the release of 100 CNG buses, is designed to alleviate the suffering of workers and enhance their productivity.

The governor noted that the buses would convey civil servants to and from work, providing relief from transportation costs while noting that a Joint Management Committee consisting of representatives of organized labour (NLC and TUC) and the State Government will be set up to manage the Free Transportation Scheme for civil servants.

In another development, the Bayelsa State Governor, Douye Diri, on Thursday presented a 2025 budget of N689.4 billion, titled the “Budget of Assures Prosperity,” to the State House of Assembly.

He pointed out his administration’s goals for enhanced socio-economic and infrastructure development.

Emphasising on building on the gains and lessons from his first term in office, Diri reiterated his government’s desire to advance the state’s socio-economic and infrastructural landscape.

He said his new mantra, the ‘ASSURED Agenda,’ which outlines seven strategic pillars to drive economic growth, social development, infrastructure improvement, environmental sustainability, cultural preservation, and good governance, would be funded through various streams, including an opening balance of N14.2 billion, statutory allocations of N17 billion, VAT estimated at N57 billion, and 13% derivation and refunds amounting to N138.8 billion.

In addition, the governor revealed that the state expects N29.1 billion from excess crude refunds, N103.1 billion from exchange gains, N39 billion from internally generated revenue, N39.4 billion in grants, and N141.4 billion from capital receipts, including electronic money transfers, signature bonuses, cash calls, and loans.

Diri detailed that personnel costs would take N108.34 billion, accounting for 13.3% of total spending, with N91.96 billion for salaries, N19.3 billion for pensions and gratuities, and N3.34 billion for CRFC transfers.

He noted that overheads would consume N79.66 billion, representing 11.55% of the budget, while the total recurrent expenditure stood at N263.38 billion, or 38.2%.

According to him, this category covers grants, contributions, subsidies (N9.15 billion), a 10% SUBEB contribution (N2.5 billion), rural development authorities (N4.5 billion), and public debt servicing (N52.95 billion).

Capital expenditure is set at N404.76 billion, with a planning reserve of N21.3 billion, bringing total capital allocation to N426.07 billion or 61.8% of the budget.

Providing a sector-by-sector breakdown, Diri revealed that N178.76 billion is earmarked for Works and Infrastructure, while Education will receive N35.85 billion. Other allocations include Urban and Housing Development (N13.68 billion), Energy and Power (N14.45 billion), Agriculture (N16.65 billion), Security (N19 billion), Healthcare (N19.19 billion), and Community Development (N10.2 billion).

Continue Reading

Jobs

Jigawa Governor Announces ₦70,000 Minimum Wage Amid Mourning of Tanker Explosion Tragedy

Published

on

Days after a petrol tanker explosion claimed the lives of about 200 residents in Jigawa State, the state governor, Umar Namadi has announced a new minimum wage of ₦70,000 for civil servants in the state.

The latest development was made known during the submission of a report from the state’s minimum wage committee at the Government House in Dutse.

The committee said the report considered several critical factors, including the current inflation rates and the necessity to maintain a motivated and efficient workforce amidst economic uncertainties.

After reviewing the report, Governor Namadi announced the new minimum wage and also reaffirmed his administration’s commitment to improving the welfare of the state’s workforce.

“We are resolved to pay our workers ₦70,000 as the new minimum wage,” he stated during the announcement.

The governor explained that the increment aims to alleviate the financial challenges faced by civil servants and is reflective of the economic and fiscal capabilities of the state.

He assured workers of a swift implementation of the new wage.

This latest development comes days after a petrol tanker exploded in the state leaving about 200 people dead and many injured.

On Tuesday while briefing President Bola Tinubu on the incident at the State House, Abuja, Namadi disclosed that 181 people died and 210 families were affected in the tanker explosion.

The tanker, laden with petrol exploded at Majiya town, along the Kano-Hadejia expressway in Taura LGA of Jigawa state.

The governor told the president that 80 people were hospitalised due to the incident, adding that the state government has paid their bills.

Continue Reading

Jobs

Akwa Ibom Governor Approves N80,000 Minimum Wage For Workers

Published

on

Governor Umo Eno of Akwa Ibom has validated a new minimum wage package of N80,000 for workers in the employment of the state government.

Eno has joined other states including Lagos, Edo, Rivers among others who had taken steps to pay their employees the new minimum wage.

Investors King had reported that the Federal Government and the Nigeria Labour Union had signed a Memorandum of Understanding for N70,000 as least amount to be earned by Nigerian workers, especially those employed by civil authorities.

Some other states including Osun, Oyo, Zamfara among others have not announced the amounts they would be paying their workers.

Making the approval of the N80,000 minimum wage known on Wednesday, Governor Eno also constituted an implementation committee for the smooth kick-off of the new wage regime with the Head of the Civil Service (HoCS), Elder Effiong Essien, as Chairman.

According to the governor, the committee has one month ultimatum to deliver its report on the wage increase harmonisation.

The Commissioner for Information of Akwa Ibom, Comrade Ini Ememobong, while addressing newsmen, listed other members of the committee to include the Chairman, Local Government Service Commission (LGSC) and Permanent Secretaries in the Ministries of Finance and Department of Establishments.

Others are the Permanent Secretary, Ministry of Labour and Manpower Planning; Permanent Secretary/Solicitor General, Ministry of Justice; Permanent Secretary/Accountant General; Permanent Secretary, Local Government Service Commission (LGSC); Permanent Secretary, Office of the Head of Civil Service; Director of Budget and the State Chairman, Joint Public Service Negotiating Council.

The list also has the Secretary, Joint Public Sector Negotiating Council; State Chairperson, Nigeria Labour Congress (NLC); State Chairman, Trade Union Congress (TUC) and the State President, Nigeria Union of Local Government Employees (NULGE) as members.

Continue Reading

Trending