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Chuks Udo Okonta
Poor remuneration has debarred 159,994 Nigerian workers, whose Retirement Savings Account (RSA) balances as the time of retirement could not provide a monthly pension of at least one-third of the prevailing minimum wage of N30,000 from earning retirement benefits.
The National Pension Commission (PenCom) in its 4th quarter 2023 report, stated that from the inception of the Contributory Pension Scheme (CPS) it has granted approval for payment of enbloc to 159,994 retirees.
PenCom submitted that it received 3,703 requests from retirees for enbloc payments – which is payoff, during the quarter, adding that out of that, 3,693 retirees’ requests were approved as their RSA balances could not provide a monthly pension of at least one-third of the prevailing minimum wage (N30,000.00), while 10 were rejected because of incorrect Annual Total Emolument (ATE).
The pension industry regulator said out of the 3,693 retirees whose benefits were approved, 3,440 were from the private sector, while the remaining 253 were from the public sector.
It noted that the sum of N2,752.59 million was approved for the 3,693 retirees.
