Pension

Job loss: 11,796 disengaged RSA holders get N5.33bn benefits in 3 months

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Chuks Udo Okonta

As more people moved into the unemployment circle due to harsh economic situations, the Contributory Pension Scheme (CPS) is providing succour as 11,796 Retirement Savings Account (RSA) holders have accessed N5.33 billion from their RSA balance in the fourth quarter of 2020.

The National Pension Commission (PenCom) said it granted approval for the payment of N5,329,821,662.44 to 11,796 RSA holders under the age of 50 years, who were disengaged from work and unable to secure jobs within four months in the fourth quarter of 2020.
According to PenCom, similar approval was granted for the payment of N4.31 billion to 8,221 RSA holders who were under the age of 50 years and were disengaged from work but unable to secure another job within 4 months of disengagement in the first quarter of the same year.

Available data showed that Nigeria’s unemployment rate as at the second quarter of 2020 was 27.1 per cent, indicating that about 21,764,614 (21.7 million) Nigerians remained unemployed.

Nigeria’s unemployment and underemployment rate (28.6 per cent), is a combined 55.7 per cent.

The total number of people (rural dwellers) in employment (i.e. people with jobs) during the reference period rose to 31.5% from 22.8%, while the rate among urban dwellers rose to 23.2% from 58,527,276.
Of this number, 35,585,274 were full-time employed (i.e. worked 40+ hours per week), while 22,942,003 were under-employed (i.e. working between 20-29 hours per week). This figure is 15.8% less than the people in employment in Q3, 2020.

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