Nigeria: Private Sector Accounted for 95% of the $12.7m Pension Paid in Q3 2016

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Approximately 95 percent of the N4 billion ($12.7m) that was paid to disengaged workers by Pension Fund Administrators (PFAs) in the third quarter of 2016 went to individuals within Nigeria’s private sector.

A Quarterly Summary Report of the National Pension Commission (PenCom) shows that 12,464 people were paid in the quarter under review.

The disengaged workers paid by the PFAs are those who have Retirement Savings Account (RSA) and are under 50. These disengaged workers were also not able to get another job within four months of their disengagement.

The breakdown of the report also showed that the private sector accounted for 95.43 percent.

The public sector accounted for 4.57 percent.

The report further stated that N56.9 billion has been paid to 181,883 disengaged workers since the inception of the Contributory Pension Scheme (CPS).

Also, N1.84 billion as death benefits to beneficiaries of 532 deceased employees within the quarter.

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