Home Business Pension: 4,668 Job Losers Withdraw N2.56bn in 3 Months

Pension: 4,668 Job Losers Withdraw N2.56bn in 3 Months

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A total of 4,668 workers who lost their jobs and could not get another after four months withdrew N2.56billion from their Retirement Savings Accounts during the second quarter of 2020.

The National Pension Commission disclosed this in its 2020 second-quarter report on ‘Withdrawal of 25 per cent of RSA balances’.

Part of the report read, “Approval was granted for payment of N2.56billion to 4,668 RSA holders who were under the age of 50 years and were disengaged from work but unable to secure another job within four months of disengagement during the second quarter.”

The workers comprised of 144 Federal Government employees, 261 state governments employees and 4,263 private-sector employees.

Despite the effect of the coronavirus pandemic on different sectors of the economy, the total pension assets under the Contributory Pension Scheme rose to N11.08trillion as of the end of June.

The statistics showed that the bulk of the funds, totalling N7.45trillion, had been invested in Federal Government’s securities including FGN bonds, treasury bills, agency bonds, Sukuk and green bonds.

Other investment portfolios where the operators invested the funds are real estate investment trusts, private equity funds, infrastructure funds, cash and other assets.

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