331,003 lose jobs, withdraw N117bn from pension accounts in 3 months | Ripples Nigeria
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331,003 lose jobs, withdraw N117bn from pension accounts in 3 months



Operators invest N250bn pension funds in real estate

331,003 workers who lost their jobs withdrew N116.88 billion from their Retirement Savings Accounts (RSAs) under the Contributory Pension Scheme (CPS), the National Pension Commission (PenCom) said on Monday in its third quarter 2019 report.

The amount represented 25 per cent of the total balance in their RSAs domiciled with Pension Fund Administrators as of the end of Q3 2019.

“Approval was granted for payment of N3.67bn 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 N116.88bn, being 25 per cent of the balances of their RSAs as prescribed by the Pension Reform Act 2014,” the report said.

Read also: PDP Reps caucus to sue FG over 774,000 jobs

The private sector accounted for 95.17 per cent of those who benefitted from the payments while the public sector accounted for the rest 4.83 per cent.

PenCom said it sustained its effort at forming a synergy with social partners to drive compliance with the provisions of the PRA 2014 by the organised private sector, adding that it furthered its engagement with state governments on the execution of the CPS.

It equally noted that it took actions aimed at enlightening and sensitising informal sector workers on the tremendous benefits of micro pension plan.

PenCom affirmed that it transited from the existing Contributor Registration System to the Enhanced Contributor Registration System (ECRS) in the quarter in question.

The ECRS is an electronic platform for the submission of PFAs requests for the registration of contributors and issuance of Personal Identification Numbers.

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