Disengaged workers get N4bn pension benefits

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Chuks Udo Okonta

Pension Fund Administrators (PFAs) in the third quarter of 2016, paid N4 billion to 12,464 disengaged workers who have Retirement Saving Account (RSA) and under 50 years but were unable to get another job within four months of their disengagement.

The National Pension Commission (PenCom) revealed this in its 2016 third quarters report, adding that the private sector accounted for 95.43 per cent which amounted to 173,578 of the disengaged workers, while the public sector accounted for 4.57 per cent which is 8,305 workers.

PenCom noted that N56.90 billion has been paid to 181,883 disengaged workers since inception of the Contributory Pension Scheme (CPS).

It said N1.84 billion was also paid as death benefits to beneficiaries of 532 deceased employees within the quarter under review.

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