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331,003 Job Losers Withdraw ₦116.87 Billion From Pension Accounts - Jobs/Vacancies - Nairaland

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331,003 Job Losers Withdraw ₦116.87 Billion From Pension Accounts by ogododo: 9:18am On Aug 25, 2020
A total of 331,003 workers who lost their jobs have withdrawn N116.87bn from their Retirement Savings Accounts under the Contributory Pension Scheme.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 per cent of the total balance in their RSAs with Pension Fund Administrators as of the end of the third quarter of 2019.

The National Pension Commission disclosed this in its third quarter 2019 report, which was released on Monday.

Part of the report read, “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.


“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 per cent of the balances of their RSAs as prescribed by the Pension Reform Act 2014.

“A further analysis showed that the private sector accounted for 95.17 per cent of those who benefitted from these payments while the public sector accounted for 4.83 per cent.”

In the report, PenCom said it sustained its effort at collaborating with social partners to drive compliance with the provisions of the PRA 2014 by the organised private sector.


The commission said it continued its engagement with state governments on the implementation of the CPS.

It also said it maintained its effort to enlighten and educate informal sector workers of the enormous advantages of the Micro Pension Plan.

During the quarter under review, the commission said it transited from the existing Contributor Registration System to the Enhanced Contributor Registration System.

The ECRS is an electronic platform for the submission of requests PFAs for the registration of contributors and issuance of Personal Identification Numbers.

https://punchng.com/331003-job-losers-withdraw-n116-87bn-from-pension-accounts/

1 Like

Re: 331,003 Job Losers Withdraw ₦116.87 Billion From Pension Accounts by JesusJesus: 9:28am On Aug 25, 2020
I need a job in any part of the country other than Lagos. I have a degree in Agronomy from a Federal University and I also have substantial experience in Web development. HTML, CSS, PHP, JavaScript.
God bless anyone reading this. I believe there are wonderful Nigerians out there that have a very kind heart.
My contact is on my signature.

21 Likes 3 Shares

Re: 331,003 Job Losers Withdraw ₦116.87 Billion From Pension Accounts by Nbotee(m): 9:29am On Aug 25, 2020
Na their money dem withdraw... In fact the 25% dey are allowed to withdraw shld even b reviewed upwards. They had worked for it and deserve to enjoy most of it before their deaths

34 Likes 1 Share

Re: 331,003 Job Losers Withdraw ₦116.87 Billion From Pension Accounts by Queenlovely(f): 9:29am On Aug 25, 2020
boss@whitetiger-technologydrivers.com

36 Likes 3 Shares

Re: 331,003 Job Losers Withdraw ₦116.87 Billion From Pension Accounts by XXXXTENTACION: 9:30am On Aug 25, 2020
grin
Re: 331,003 Job Losers Withdraw ₦116.87 Billion From Pension Accounts by Nobody: 9:30am On Aug 25, 2020
If the Govt was working as should, unemployment wont be this bad that would warrant massive liquidation of pension funds that could earn the pension homes interest in bonds and treasury bills investment.

The ripple effect of incompetence.

6 Likes 1 Share

Re: 331,003 Job Losers Withdraw ₦116.87 Billion From Pension Accounts by StRichard(m): 9:30am On Aug 25, 2020
That's their money.
Re: 331,003 Job Losers Withdraw ₦116.87 Billion From Pension Accounts by yrret: 9:30am On Aug 25, 2020
some even claim to be dead to get out their money
Re: 331,003 Job Losers Withdraw ₦116.87 Billion From Pension Accounts by Elsueno: 9:30am On Aug 25, 2020
undecided

What's the fuss about, person isn't allowed to even to withdraw his money in Peace again!. Even banks have started restricting the use of dollar tightly.


Off-topic: Queenlovely is a dude and a hikikomori grin

1 Like

Re: 331,003 Job Losers Withdraw ₦116.87 Billion From Pension Accounts by Blackking98(m): 9:30am On Aug 25, 2020
Hgghh
This is the first time I'm booking space, to God be the glory grin
Re: 331,003 Job Losers Withdraw ₦116.87 Billion From Pension Accounts by chiiraq802(m): 9:31am On Aug 25, 2020
femmyapson:
U V W X Y Z

1 Like

Re: 331,003 Job Losers Withdraw ₦116.87 Billion From Pension Accounts by donprinyo(m): 9:31am On Aug 25, 2020
Hope it's not leadway

2 Likes

Re: 331,003 Job Losers Withdraw ₦116.87 Billion From Pension Accounts by wellmax(m): 9:31am On Aug 25, 2020
Well it is their money. They are free to withdraw.
Covid really dealt a big blow on the world's economy

4 Likes

Re: 331,003 Job Losers Withdraw ₦116.87 Billion From Pension Accounts by Harpos2(m): 9:31am On Aug 25, 2020
Hmm
Re: 331,003 Job Losers Withdraw ₦116.87 Billion From Pension Accounts by hayesconcept(m): 9:31am On Aug 25, 2020
Mad country
Re: 331,003 Job Losers Withdraw ₦116.87 Billion From Pension Accounts by Dripy(m): 9:32am On Aug 25, 2020
Shit happens. People lose their jobs and are entitled to collect 25% of their contributory pension.

What is the government doing to ensure those who lost their jobs get new jobs? Has the government created an enabling environment for commerce and private business ventures to thrive? The multiple taxation and extortionist tendencies of governments across board has ended up stifling businesses instead of helping them grow.

People who do business in Nigeria will tell you that it is very difficult to break even let alone make profit in business; if these and many other issues like epileptic power supply, failed infrastructure and the likes are not addressed, retrenchment and redundancy as well as underemployment will continue to be recurring decimals in Nigeria.

4 Likes

Re: 331,003 Job Losers Withdraw ₦116.87 Billion From Pension Accounts by yesloaded: 9:32am On Aug 25, 2020
Re: 331,003 Job Losers Withdraw ₦116.87 Billion From Pension Accounts by Onyeedum(m): 9:32am On Aug 25, 2020
Their money should be more then 25%

5 Likes

Re: 331,003 Job Losers Withdraw ₦116.87 Billion From Pension Accounts by wellmax(m): 9:32am On Aug 25, 2020
Superjazz:
Nigeria is in serious bondage
Proudly Ghana

Idiot, do you even understand the post at all

2 Likes

Re: 331,003 Job Losers Withdraw ₦116.87 Billion From Pension Accounts by Osyxcel(m): 9:32am On Aug 25, 2020
They did just what they needed to do.
Re: 331,003 Job Losers Withdraw ₦116.87 Billion From Pension Accounts by Nobody: 9:33am On Aug 25, 2020
You’ll not see nonsense post here, it’s the 774000 non-pensionable jobs he’ll be hyping up and down.

Shameless sychophant

14 Likes 1 Share

Re: 331,003 Job Losers Withdraw ₦116.87 Billion From Pension Accounts by XXXXTENTACION: 9:33am On Aug 25, 2020
femmyapson:
this space is booked for righteousness89
righteousness89 is busy packing all the properties he will take to heaven grin You know the world is about to end grin


I also heard righteousness89 is building an ark somewhere thats why he's warning peoplo on nairaland grin

2 Likes

Re: 331,003 Job Losers Withdraw ₦116.87 Billion From Pension Accounts by Nobody: 9:35am On Aug 25, 2020
Na wao

Unemployment just hit another new high

1 Like

Re: 331,003 Job Losers Withdraw ₦116.87 Billion From Pension Accounts by wickyyolo: 9:35am On Aug 25, 2020
Superjazz:
Nigeria is in serious bondage


Proudly Ghana

I will like to retire in Ghana
Re: 331,003 Job Losers Withdraw ₦116.87 Billion From Pension Accounts by BabaAgba79(m): 9:35am On Aug 25, 2020
Superjazz:
Nigeria is in serious bondage


Proudly Ghana

If you do not understand the message, ask for clarity instead of typing nonsense! Those who lost their jobs have access to their pension at 25% rate by law. So, over 300,000 workers who lost jobs and withdrew over 116 billion did so under the law. The money is theirs. You too can apply for 25% withdrawal from your RSA with your PFA, that is, if you have one.

3 Likes

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