96,002 disengaged workers get N20.72 billion pension benefits

Chuks Udo Okonta

The National Pension Commission (PenCom) says N20.72 billion was paid to 96,002 Retirement Savings Account (RSA) holders, whose jobs were terminated before age 50 and could not secure another employment within the stipulated four months period.

The commission noted that each of the contributors were paid 25 per cent of their retirement savings account balance, adding that the payment was approved in the 3rd  quarter of 2014.

Of the the 96,002 persons, the commission said 91,3555 were from the private sector while 4,647 from the public sector.

"In the third quarter of 2014, the commission granted approval for the payment of 25 per cent of RSA balances amounting to N20.72 billion to 96,002 RSA holders who retire before the age of 50 years and having stayed for at least four months after retirement without securing a new employment.

Out of this number, 91,355 (95.16 per cent) were from the private sector and 4,647 (4.84) from the public sector," it said.

PenCom said in the first quarter of this year, N4.44 billion was paid as death benefits to the next of kins of 1,450 deceased employees, stressing that N77.18 billion had so far been paid to the next of kins of 27,321 deceased employees from inception to the end of the first quarter of 2015.