The National Pension Commission has released statistics showing that 331,003 Retirement Savings Account holders who suffered temporary loss of jobs were paid N116.88bn up and until third quarter of 2019.
The pension czar statistics stated that within the same third quarter, approval was granted for payment of N3.67b 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.
PenCom noted that total up and until the third quarter was the 25% of the balances of their RSAs as prescribed by the Pension Reform Act 2014.
Breakdown of the benefits showed that the private sector got the chunk, 95.17% while the public sector accounted for 4.83%. Also, N7.66b was paid as death benefits to beneficiaries of 1,936 deceased employees during period under review, bringing the total number of deceased employees from both public and private sectors to 59,057.
The amount paid during the quarter moved the total payments of death benefits to N186.21b.
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