The Retirement Savings Account under the Contributory Pension Scheme has been inflicted a huge dent as N116.87 billion was withdrawn by 331,003 persons who had lost their jobs. The sum equalled twenty-five per cent of their Retirement Savings Accounts.
The National Pension Commission disclosed in its report on Monday that, “Approval was granted for payment of N3.67bn to 6,862 RSA holders who were under the age of 50 years and were disengaged from work and unable to secure another job within four months of disengagement.”
95% of the payments were made out to those employed under a private sector while about 5% were employed in the public sector. The PenCom is doing it’s best to collaborate with social partners and state governments to implement its goals.
