Only 46 RSA holders in States benefit from voluntary contributions, as 46,911 FG, private sector contributors save N33.82bn


Kindly leave a comment and share

Chuks Udo Okonta

At a time most workers are worried about their retirement, only 46 Retirement Savings Account (RSA) holders in state governments’ employment are leveraging Voluntary Contributions (VC) to plan, even as 46,911 of their counterparts in federal and private sector have saved N33.82 billion.

Data obtained from the National Pension Commission (PenCom) revealed that as at fourth quarter 2022, the number of voluntary contributors were 46 from states, 3,022 from federal government and 43,889, private sector amounting to 46,957, from inception of the Contributory Pension Scheme (CPS).

PenCom stated that during the quarter under review, it granted approval for withdrawal from
voluntary contribution amounting to N887.94 million to 574 contributors.

The pension sector regulator noted that the total pension contributions remitted to individual RSAs in Q4 2022 stood at ₦237.24 billion, adding that out of this total, the public sector accounted for ₦129.06 billion or 54.40 per cent, while the private sector contributed ₦108.18 billion or 45.60 per cent.

It submitted that the cumulative pension contributions from
inception to the end of the fourth quarter of 2022 amounted to N8.47 trillion, which is an increase from N8.23 trillion as at the end of Q3 2022.

One Comment

Leave a Comment

Your email address will not be published. Required fields are marked *