A total of 331,003 workers who lost their jobs have withdrawn N116.87bn from their Retirement Savings Accounts under the Contributory Pension Scheme.
This amounted to 25% of the total balance in their Pension Fund Administrators as of the end of the Q3 of 2019.
This was disclosed by the National Pension Commission in its 3rd quarter 2019 report which states that approval was granted for payment of N3.67bn to 6,862 RSA holders who were under the age of 50 years and were disengaged from work and unable to secure another job within four months of disengagement.
In the report, PenCom also said that the cumulative total number of RSA holders who were paid benefits for temporary loss of job was 331,003 and were paid a total of N116.88bn, being 25% of the balances of their RSAs as prescribed by the Pension Reform Act 2014.
