PenCom Cushions Unemployment as 40,646 RSA Holders Accessed N26.9bn in 2022 The National Pension Commission (PenCom) approved the payment of N26.9 billion to 40,646 Retirement Savings Account (RSA) holders who were disengaged
Retirement Savings Account holders who were disengaged from work in 2022.
Section 7 of the PRA 2014 states that “where an employee voluntarily retires, disengages or is disengaged from employment as provided for under section 16 and of the PRA 2014, the employee may, with the approval of the Commission, withdraw an amount of money not exceeding 25% of the total amount credited to his RSA, provided that such withdrawals shall only be made after 4 months of such retirement or cessation of employment and the employee does not secure another employment.
From the inception of the CPS to the end of 2022, PenCom has approved N188.51 billion in respect of 453,686 requests from individuals seeking to access 25 percent of their RSA balances due to temporary loss of employment. A breakdown of the payment approvals in 2022 showed that during the first quarter, the Commission approved PFAs’ requests to pay N5.66 billion to 9,966 RSA holders that were disengaged from employment. In the second quarter of the same year, PFAs paid N6.65 billion to 9,250 RSA holders in respect of job loss. In the third quarter, N8.28 billion was disbursed to 11,913 RSA holders, while during the fourth quarter, the Commission approved PFAs to pay N6.31 billion to 9,966 RSA holders.
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