Pension administrators pay sacked workers N86.71bn

The increasing rate of job losses in the country has been further crystallised by latest report released by Pension Fund Administrators (PFAs), which put total amount so far paid out to them at N86.71 billion. The pension asset is currently put at N8.23 trillion by the regulator.

According to the document obtained by New Telegraph, the amount represents 25 per cent of the total contributions by the affected workers since the scheme started 11 years ago.

A further breakdown available also revealed that the fund managers paid out another N145.04 billion as death benefits to beneficiaries of the deceased contributors.

The Pension Reform Act 2014 provides that an employee, who is disengaged from employment before the age of 50 years and is unable to secure another employment within four months of such disengagement, may make a withdrawal of not more than 25 per cent from his RSA.

New Telegraph, September 14, 2018

 

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