July 18, 2024

Bustan Daily

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MONEY 331,003 job losers withdraw N116.87bn from pension accounts

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A total of 331 , 003 workers who lost their jobs have
withdrawn N 116 . 87 bn from their Retirement Savings
Accounts under the Contributory Pension Scheme.
This amounted to 25 per cent of the total balance in
their RSAs with Pension Fund Administrators as of the
end of the third quarter of 2019 . National Pension Commission disclosed this in its third
quarter 2019 report , which was released on Monday.
Part of the report read, “ Approval was granted for
payment of N 3 . 67 bn to 6 , 862 RSA holders who were
under the age of 50 years and were disengaged from
work and unable to secure another job within four
months of disengagement .
“ The cumulative total number of RSA holders who were
paid benefits for temporary loss of job was 331 , 003
and were paid a total of N 116 . 88 bn , being 25 per cent
of the balances of their RSAs as prescribed by the
Pension Reform Act 2014 .
“ A further analysis showed that the private sector
accounted for 95 . 17 per cent of those who benefitted
from these payments while the public sector accounted
for 4. 83 per cent . ”
In the report , PenCom said it sustained its effort at
collaborating with social partners to drive compliance
with the provisions of the PRA 2014 by the organised
private sector .
The commission said it continued its engagement with
state governments on the implementation of the CPS .
It also said it maintained its effort to enlighten and
educate informal sector workers of the enormous
advantages of the Micro Pension Plan.
During the quarter under review , the commission said
it transited from the existing Contributor Registration
System to the Enhanced Contributor Registration
System .

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