Pension Withdrawals Increase By 17% To N6.6billion.

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Due to difficulties caused by job loss, cash withdrawals from pension contributions by laid-offoff employees increased by 17. 5% to N6.65 billion in the second quarter of 2022, or Q2’22, from N5.66 billion in the same period of 2021.

Meanwhile, the number of fired employees who withdrew from their pension funds decreased by 2. 8% to 9,250 in Q2’22 from 9,517 in Q1’22, according to the report issued by the National Pension Commission, PenCom.

The payment of N6,645. 54 million (or 25% of their Retirement Savings Account, or RSA, holdings) to 9,250 RSA holders under the age of 50 who lost their jobs in Q2 of 22 and were unable to find new ones within a four-month period received clearance from the Commission.

The sum of all pension contributions paid to specific RSAs in Q2 2022 was $238.75 billion.


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