18,525 disengaged workers withdrew N9.45bn savings — NPC

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Factual Pursuit of Truth for Progress

By Grace Cofie

The National Pension Commission (NPC) has reported that 18,524 disengaged workers withdrew N9.45bn from their Retirement Savings Account (RSA) with the Pension Fund Administrators, between January and June 2021.

The NPC stated this in their quarterly report titled, ‘Withdrawal due to temporary loss of employment’ on Friday.

The report revealed that during the first quarter of the year, “the commission granted approval for the payment of N5.02bn to 10,619 Retirement Savings Account (RSA) holders who were under the age of 50 years, who were disengaged from work and unable to secure jobs within the next four months.”

It also read that, “In the second quarter of the year, the commission approved the payment of N4.43bn to 7,906 RSA holders under the age of 50 years, who were disengaged from work and unable to secure jobs within the next four months.”

According to the Pension Reform Act 2014, employees who either left or lost their jobs and couldn’t get another paid employment after four months could have access to 25 per cent of the balance in their Retirement Savings Account.

The National Pension Commission stated that it carried out sensitisation workshops, capacity-building programmes and stakeholders engagement meetings to enhance compliance with the Contributory Pension Scheme during the second quarter.

PenCom held an interactive meeting with the newly constituted Bayelsa State Technical Committee to guide the committee on the roadmap to implementing the CPS in the state.

It also held meetings with the Governor of Plateau State, Simon Lalong, to review steps taken by the state towards the implementation of the CPS.

Engagement meetings were also held with the governors of Edo, Ondo and Osun states.

In Ilorin, Kwara State, an enlightenment meeting on the RSA transfer system, for employees of the National Orientation Agency was held, and a virtual sensitisation/enlightenment workshop on the workings of the CPS for the management and staff of Livestock Feeds Plc, among others, was also held.

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