No fewer than 466,812 workers who were disengaged from their jobs have withdrawn N201.22bn from their Retirement Savings accounts, amounting to a quarter of their total savings as of the end of first quarter of 2023.
Figures from the National Pension Commission disclosed on ‘Withdrawal of 25 per cent from RSA balances’ from its first quarter report for 2023.
In the report, PenCom said N12.72bn was withdrawn by 13,126 job losers in Q1, 2023, in addition to N188.51bn withdrawn by 453,686 job losers from inception till the end of 2022. “The department granted approval for the payment of N12.72bn 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,” it stated.
PenCom said it continued to maintain the services of recovery agents for the recovery of unremitted pension contributions and penalties from defaulting employers. Demand notices were issued to defaulting employers whose pension liabilities were established by the recovery agents, it said.
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