Workers inject N29bn into pension fund in Q1 2019

Mrs. Aisha Dahir-Umar

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Chuks Udo Okonta

Worker under the Contributory Pension Scheme (CPS) contributed N29 billion into the pension fund in the first quarter 2019, Inspenonline can report.

Data obtained from the National Pension Commission (PenCom) revealed that the total pension fund assets as at the end of January 2019 was N8.74 trillion and by the end of March, it stood at N9.03 trillion, amounting to a growth of N29 billion.

PenCom also stated that 11,000 Retirement Savings Accounts (RSAs) holders joined the scheme within the period under review, as the number moved from 8.46 million RSAs holders in January to 8.57 million in March.

A breakdown of the figure as at January, showed that RSAs holders from the public sector were 2.35 million males, 1.26 million females whilst the private sector has 3.62 million males, 1.23 million females amounting to 8.46 million.

By March, the figure from the public sector was, 2.37 million males; 1.27 million females and the private sector, 3.68 million males; 1.25 million females amounting to 8.57 million.

PenCom’s Acting Director-General, Mrs. Aisha Dahir-Umar, had attributed the accumulation of over N9 trillion and other successes achieved since inception of implementation of the CPS to esteemed contributors.

She called on contributors to continue to contribute positively towards the success of the pension reform programme.

“The achievements recorded by the Commission in the last fifteen years would not have been possible without the support and understanding of all stakeholders, especially you, our esteemed contributors who are about to retiree. I therefore urge you to contribute positively towards the success of the Pension Reform Programme,” she said.

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