2,084 Nigerians get N250,000 each as retirement benefits after 60 working years

The Pension Commission (PenCom) has revealed that 2,084 private and public workers have shared N519.51 million as retirement benefits from their pension account.

PenCom disclosed this in its latest quarterly report published on its website and obtained by Ripples Nigeria.

The amount was handed over to the retirees due to their Retirement Savings Account(RSA) balances below N550,000 and considered insufficient to procure programmed withdrawal or retiree life annuity of a reasonable amount for an expected life span.

Breakdown from the PenCom report shows 43 of the retirees worked for the government while 2,041 were from the private sector.

Read also: PENCOM faults First Bank, as PFA rules strip Hassan-Odukale, make Otedola majority shareholder

The report also revealed that in three months family members of deceased private and government workers withdrew N13.3 billion from pension accounts.

The withdrawal was made on 2,574 workers comprising 1,923 Public (FGN &State) and 651 private sector employees/retirees.

The report which covers pension activities from July to September also showed that 9,517 Nigerians who lost their jobs and are below 50 years withdrew N5.66bn.

These withdrawals again mirror the unemployment challenges in the country.

Meanwhile, the total Retirement Savings Accounts stood at 9,484,524 at the end of October 2021, and the value of assets under the Contributory Pension Scheme rose to N13.18 trillion.

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