Disengaged Nigerian workers withdrew N5.66bn pension contributions in Q1 2022

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By Favour Nnabugwu



The National Pension Commission, PenCom, has revealed that 9,517 Nigerians who were disengaged by their employees withdrew N5.66 billion from their pension contributions in the first quarter of 2022.

PenCom stated this n its quarterly report published on its website and obtained by patomabusinessonline on Sunday

According to the pension act, “Anyone under the age of 50 years who were disengaged from work and unable to secure jobs within four months can access 25 percent of their total savings”

The breakdown of the figure shows that 481 out of the workers were from the public sector and 9,036 from the private sector.

In the fourth quarter of 2021, PenCom reported that 10,804 workers withdrew N6.41 billion.

This indicates that in six months over N12 billion had been removed from the contributory pension fund.

In another report, PenCom cleared 10,541 companies for being faithful in the payment of their workers’ pension and insurance covers.

The companies, the commission noted were among the private firms eligible for government contracts.

PenCom also received 11,200 applications from private sector organisations for the issuance of Pension Clearance Certificates. Out of this number, PCCs were issued to 10,541 organisations while 659 applications were in the process for approval as at March 31.

“The records showed that the 10,541 organisations had remitted a total sum of N59.39billion into the Retirement Savings Accounts of their employees,” the report added.

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