BY NKECHI NAECHE-ESEZOBOR: The National Pension Commission (PenCom) it approved a total of N7.66 billion as death benefits to the beneficiaries of the 1,936 deceased employees in third quarter (Q3) 2019.
PenCom disclosed this in its third quarter report that the total number of deceased employees from both public and private sectors stands at 59,057.
The report added that the amount paid during the quarter moved the total payments of death benefits to N186.21 billion.
On withdrawal of 25 percent of RSA balances,the commission said approval was granted for payment of N3.67 billion 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 4 months of disengagement.
The cumulative total number of RSA holders who were paid benefits for temporary loss of job was 331,003 and were paid a total of N116.88 billion being 25% of the balances of their RSAs as prescribed by the Pension Reform Act 2014.
A further analysis showed that the private sector accounted for 95.17% of those who benefitted from these payments while the public sector accounted for 4.83%.