Pension

331,003 temporary disengaged RSA holders get N116.88bn benefits

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Chuks Udo Okonta

The National Pension Commission (PenCom) said 331,003 Retirement Saving Account (RSA) holders who temporary loss their jobs were paid N116.88 billion as at third quarter of 2019.

PenCom stated this in its third quarter report of 2019, adding that within the third quarter of 2019, approval was granted for payment of N3.67 billion 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.

It noted that 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 N116.88 billion 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, the pension regulator said.

PenCom also pointed out that it approved the payment of N7.66 billion as death benefits to the beneficiaries of the 1,936 deceased employees during the quarter under review, which brought the total number of deceased employees from both public and private sectors to 59,057.

The amount paid during the quarter moved the total payments of death benefits to N186.21 billion, it said.

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