APPEAL COURT CONDEMNS SEVERANCE PAYMENTS AND PENSIONS TO POLITICIANS

The Court of Appeal has discredited all forms of payments and disbursements to former political office holders in the form of severance packages, pension and gratuity.

On the 10th of October 2017, a decision had been given by Justice R B Hastrup of the National Industrial Court Lokoja on a suit that had been filed by some former politicians in Kogi, who wanted the state government to pay them severance packages, pension and gratuity.

The subsequent appeal was put in against Justice Hastrup’s decision and was filed by the Kogi State Governor and three others at the Abuja Court of Appeal.

A panel of the Court, made up of 3 individuals, stated that it is unfair, considering the country’s economic situation, for a handful of politicians, who were in political positions for no more than 8 years, to appropriate public funds under the guise of severance allowances and pension or gratuity, when a Civil Servant who has given 35 years of their prime working years, and their strength to the service of the country, would find it difficult to get their retirement benefits; which is usually small by the way.

Justice Emmanuel Agim, who led the judgement said it was not morally right for politicians, who divert public funds during their tenure, to lay claims to pension, gratuity and severance pay.

He reiterated that it was common knowledge that Nigerian politicians are paid gigantic amounts of money for salaries and allowances; and that they suddenly become multi-millionaires after their tenure; why would they come back to claim pensions for the 3 to 8 years they spent in office.

Unfortunately, Civil Servants, who use their youthful years and strength to serve their fatherland, find it very difficult and stressful to receive their pension and gratuity upon retirement.

They now have to go through the contributory pension scheme in which they contribute 8% of their meagre salaries each month, to be able to qualify to earn monthly pensions and receive gratuity after retirement.

And yet politicians who do not work for even half of the time which the Civil Servants do, quickly receive big severance packages when they leave public offices, and they are not asked to join the Contributory Pension Scheme.

I totally agree with Justice Emmanuel Agim, but these are actually happenings and situations over which you and I have no control, whatsoever.

The gross unfairness of our socio-economic structure can not be overemphasized; politicians are filling their pockets, so much greed and lust for power, while the take home pay of Civil Servants and even workers in most private sector establishments are receiving peanuts as monthly salaries, which can barely cover their expenses, and which subjects them to a very low standard of living.

And that is for those who have been able to find employment. What about those who can’t? If we go into the Nigerian unemployment situation, a hundred paragraphs would not be lengthy enough to cover and capture it.

And you know what? The government just doesn’t care. So our concern should be; in light of all these things, how can you and I, improve our personal economic situation, and go ahead to build wealth?

Well that’s what this blog is all about. It’s about business, personal finance, entrepreneurship and wealth creation. Yes, you’re working at a job, but could you find a way to earn extra income on the side?

Yes, your monthly income is small, but what can you put aside and save every month, so you could build up a reasonable amount of money with which to invest?

What are other channels and sources that you can explore, study and work on to earn extra income on the side? How can you create another source of income for yourself, so you’re not just relying on only one source? Would a passive source of income be more suitable for you because of the demands on your time, or will an active one fit into your schedule?

And don’t even tell yourself it’s not possible because where there is a will, there’s a way. But these are questions you start asking yourself only when you have the desire to create wealth. You only begin to carry out this kind of research when you’ve made the decision to become rich and financially independent.

So that come 5, 10, 20 years from now, you will be financially free, without having to rely on a single income source (which you could lose unexpectedly anyway) or rely on the government, or on the economy.

So that your children will be provided for at the best levels possible, now and in the future. So that you will have options, and not be forced to live a meagre existence after retirement. Because the monthly payments pensioners get as pension under the Contributory Pension Scheme is even more meagre than their salaries were, while in paid employment.

In our first post on wealth creation (the key skill school never taught us), we went in depth into how anybody, regardless of how much their income is, can create wealth and grow rich. Not overnight of course, but with desire, planning, practicing certain principles, determination and consistency. You can go through the post, and learn a lot, and immediately start creating wealth right now.

So keep learning, keep growing, keep reaching, keep being focused; NEVER, EVER, give up. And see you at the top, where you belong!

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