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
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.