By Cynthia Ezekwe
The National Pension Commission (PenCom) says 13,126 disengaged workers withdrew N12.72 billion in the first quarter (Q1) of 2023.
According to the Commission’s Q1 report, the withdrawals aligned with the pension regulation act which allows any disengaged worker to access 25 percent of their retirement savings balance within four months of unemployment.
“The department granted approval for the payment of N12,717.90 million (being 25 percent of their RSA balances) to 13,126 RSA holders under the age of 50 years, who were disengaged from employment and unable to secure another job within four months,” the report said.
Additionally, in the first quarter, the commission granted approval for the enbloc payment of retirement benefits to 4,059 retirees, which totalled N2,544.91 million. These were retirees whose RSA balances could not provide a monthly pension of at least one third of the prevailing minimum wage of N30,000.
