Over 12,000 disengaged workers get N4b from pension contribution
http://ift.tt/eA8V8J By Rosemary Onuoha DUE to the incessant loss of jobs occasioned by the economic downturn, a total of 12,464 disengaged workers were paid N4 billion from their pension contribution in the third quarter of 2016 by their different Pension Fund Administrators (PFAs). The payments were made in accordance with the Pension Reform Act, 2014 which allows workers below 50 years under the Contributory Pension Scheme, CPS, to access 25 per cent of their pension contribution if they are not able to get another job after four months. According to the 2016 third quarter report of the National Pension Commission (PenCom), the private sector accounted for 95.43 per cent of the figure which represents 173,578 of the disengaged workers, while the public sector accounted for 4.57 per cent, totaling 8,305 disengaged workers. The pension regulator noted that N56.9 billion has been paid to 181,883 disengaged workers since the inception of the CPS. It said N1.84 billion was also paid a...