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BUSINESS

Over N20bn withdrawn by out-of-job Nigerians from pension accounts in first quarter

June 19, 2023 • 2 min read

A total of 466,812 workers who were let go from their jobs have taken out N201.22 billion from their Retirement Savings accounts, which represents 25% of their total savings by the end of the first quarter of 2023.

According to the National Pension Commission’s first quarter report for 2023, data reveals that 13,126 individuals who lost their jobs withdrew N12.72 billion during Q1, 2023. Additionally, from the beginning of the program until the end of 2022, 453,686 job losers withdrew N188.51 billion.

Please note that the paraphrased versions aim to retain the original meaning while presenting the information in different words.

“The department granted approval for the payment of N12.72bn (being 25 per cent of their RSA balances) to 13,126 RSA holders under the age of 50 years, who were disengaged from employment and unable to secure another job within four months,” it stated.

PenCom confirmed that it has enlisted the assistance of recovery agents to recover unpaid pension contributions and penalties from employers who have failed to remit them. This measure has been consistently maintained by PenCom.The commission issued demand notices to employers who were identified as defaulting and found to have outstanding pension liabilities by the recovery agents.

In the same quarter, PenCom stated that a total of N384.28 million, which includes principal contributions of N193.06 billion and penalties amounting to N191.22 million, was successfully recovered from 34 employers who were in default.

Furthermore, PenCom revealed that four defaulting employers were referred to the commission secretariat/legal advisory services department for prosecution.

“From the commencement of the recovery exercise in June 2012 to 31 March 2023, a total sum of N24.53bn comprising of principal contributions (N12.44bn) and penalties (N12,09bn) was recovered from defaulting employers,” it stated.

PenCom reported that the aggregate pension contributions transferred to individual Retirement Savings Accounts (RSAs) during Q1, 2023 amounted to N225.49 billion. Among this total, N124.7 billion, which represents 55.3%, came from the public sector, while N100.79 billion, accounting for 44.7%, was contributed by the private sector.

Furthermore, the cumulative pension contributions received from the start of the program until the conclusion of the first quarter of 2023 reached a sum of N8.7 trillion.