Leave a comment and share
Chuks Udo Okonta
The pension sector has continued to provide succour for Nigerian workers who are pushed into the unemployment web every second due to uncertainties in the economy. These workers who subscribed to the Contributory Pension Scheme (CPS) and were disengaged by their employers or resigned but could not secure new jobs after four months have collected a cumulative sum of N139.87 billion, since the inception of the scheme.
According to PenCom, 372,125 employees who were disengaged, resigned or retired from employment before the age of 50 years and had not secured another employment after 4 months, had temporary access to their RSAs for withdrawal of 25% amounting to N139.87 billion.
PenCom said in 2020 alone, N17.39 billion was paid to 31,716 RSA holders in this category.
It noted that employees of the Federal and State Governments accounted for 683 and 6 cases of accessing 25 per cent of RSA balances respectively, while employees of the Private Sector accounted for the remaining 31,716 cases, adding that these figures show that staff of the Private Sector lost their jobs more than those in the Public Sector. “From inception to 31 December 2020, a total of 372,125 RSA holders in this category had collected a cumulative sum of N139.87 billion,” it submitted.
