BY NKECHI NAECHE-ESEZOBOR– The National Pension Commission (PenCom) says 787 workers withdrew N1.415 billion from the voluntary contributions in their retirement savings account (RSA) between July to September 2021.
This was contained in PenCom’s third-quarter 2021 report released this month, the commission gave the breakdown as follows: “that 21 of the workers are from public sector while 766 workers are from the private sector bring the total to 787.
The report added that “During the quarter under review, the Commission granted approval of withdrawal from voluntary contributions amounting to N1,415.98 million to 787 contributors.
On withdrawal due to temporary loss of employment, the commission said it approved the payment of N5,661.68 million to 9,517 RSA
holders under the age of 50 years, who were disengaged from work and unable to secure jobs within four months.
While Enbloc payment of retirement benefits the Commission approved retirement benefits to 2,084 retirees whose RSA balances were N550,000.00 or below and considered insufficient to procure Programmed withdrawal or retiree life annuity of a reasonable amount for an expected life span.
“In this regard, a total sum of N519.51 million was paid to the 2,084 retirees from both the public and private sectors.”
