The National Pension Commission has released its third quarter report of the year, which shows that the sum of N8.1billion was paid to 13,569 RSA holders.
- The 13,569 RSA holders (made up of Private – 12,740 RSA holders, FG – 324 RSA holders, State – 505 RSA holders), were under the age of 50 years and disengaged from work, but unable to secure another job within four months of disengagement.
- In Q1 2020, N4.31billion was paid to 8,221 RSA holders made up of Private – 7,403 RSA holders, FGN – 143 RSA holders, and State – 675 RSA holders.
- In Q2 2020, N2.56billion was paid to 4,668 RSA holders; Private – 4,263 RSA holders, FGN – 144 RSA holders, and 144 – State RSA holders.
- Cumulatively, between Q1 and Q3 2020, N14.97billion was paid to 26,458 RSA holders, made up of 24,406 Private RSA holders, FGN – 611 RSA holders, and State – 1441 RSA Holders. This amount represents +11.2% of N13.46bn paid to the 28,268 RSA holders from Q1 to Q3 2019, made up of Private – 25,297 RSA holders, FGN – 529 RSA holders and State -2,442 RSA holders.
What you should know
- The Pension Reform Act 2014 allows RSA holders who are under the age of 50 years and are disengaged from work, but unable to secure another job within four months of disengagement to access to 25% of their retirement savings balances.
- The Covid-19 pandemic seriously challenged the entire economy and quite a number of workers lost their jobs in the process.
- More people accessed this window in 2019 (i.e. 28,268 RSA holders) than in 2020 (26,458 RSA holders), though the amount withdrawn in 2020 (N14.97billion) is higher than the 2019 (N13.46billion) by over N1.5billion.
- There was a growing figure in Q3 2020 as more people may have lost their jobs in the previous quarters and accessed the window in Q3 2020. We may likely continue to witness spikes in the coming quarters, until economic activities become relatively normalized.
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