As unemployment rates climb in Nigeria, pension savings have become a vital source of immediate financial support for many individuals, both in the public and private sectors, who have lost their jobs.
Data from the National Pension Commission reveals that a significant number of Retirement Savings Account (RSA) holders have requested to access 25 percent of their balances due to temporary unemployment, with approvals totaling N6.51 billion.
Euphemia Ameh, one such individual, shared her experience of accessing her pension savings after losing her job four years ago. She used the funds to start a petty trade, which has sustained her livelihood since then. Despite turning 50 years old, which makes her eligible for additional retirement benefits, Ameh plans to collect her remaining pension balance as it is insufficient to procure any of the retirement benefit options.
Source: Business Day