Doing Business in Nigeria | |
Doing Business in Nigeria | |
5728 VIEWS | |
![]() |
Sunday, November 04, 2018 09.16AM / By Bureau of Public Procurement
This is to refer to the
letter Ref. No. MJ/DSD/BPP/1 dated 10th January, 2018 from the Federal Ministry
of Justice (FMoJ), which gave interpretation of Section 2(2&3) of the
Pension Reform Act, 2014 as regards mandatory coverage (minimum number of employees)
of the Contributory Pension Scheme (CPS) for private sector organisations with
particular emphasis on micro and small business enterprises and in the spirit
of the Executive Order (EO-1).
In the light of the
above, Part II of the Pension Reform Act, 2014 shall be applicable to all
private organisations in which there are fifteen (15) or more employees/staff
in their organisation.
Therefore, evidence of
participation in the Contributory Pension Scheme (CPS) shall be a mandatory
requirement for organisations/employers with fifteen (15) or more
employees/staff, to participate in public procurement.
Meanwhile, in line with
the spirit of the Executive Order (EO-1), participation in Contributory Pension
Scheme (CPS) by micro and small Business enterprises, in particular
organisations/employers with less than fifteen (15) employees/staff or
self-employed is not mandatory.
Therefore, evidence of
participation in the CPS shall no longer be a mandatory requirement for
organisations/employers with less than fifteen (15) employees/staff or
self-employed, to participate in public procurement.
Kindly Download - Companies
and Allied Matters Act, 2020
Relevant Resources On Public Procurement in Nigeria
Related News