‘PFAs Update: paid N52.91 billion to 169,419 sacked workers’

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Since the inception of the Contributory Pension Scheme (CPS), Pension Fund Administrators (PFAs) have paid N52.91 billion as 25 per cent of their Retirement Saving Account (RSA) balance to 169,419  workers that lost their jobs and unable to secure other jobs within four months of disengagement.

According to the National Pension Commission (PenCom) second quarter 2016 report, the private sector accounted for 95.27 per cent of the 169,419 disengaged workers amounting to 161,402.

The report showed that 4.73 per cent represented 5,824 of the disengaged workers from the Federal Government organisations, while 2193 were from the states.

A further breakdown showed that the PenCom granted approval for payment of N3.36 billion to 10,058 RSA holders under the age of 50 years during the period under review.

It also showed that greater part of the N52.91 billion paid by PFAs to disengaged workers went to junior workers.

“50 per cent of documents it processed last year, were from disengaged workers. Approval was also granted for the payment of N4.57 billion as death benefits to the beneficiaries of 1,145 deceased employees during the quarter under review.

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