By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: PenCom Releases N86.7bn to 275,172 Sacked Workers
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
BusinessNews

PenCom Releases N86.7bn to 275,172 Sacked Workers

Farouk Mohammed
By Farouk Mohammed
Published: September 17, 2018
Share
2 Min Read
SHARE

The National Pension Commission said it had released N86.7 billion to sacked workers of various companies who participated in the Contributory Pension Scheme.

PenCom Acting Director-General, Mrs Aisha Dahir-Umar, who disclosed this on Monday in Lagos, said the amount was for the settlement of 275,172 disengaged workers.

She said the figure represented the total paid from 2004, when the CPS came into effect, to June 2018.

Dahir-Umar also said the amount was about one per cent of the N8.23 trillion pension assets.

- Advertisement -

The acting director-general noted that loss of jobs in both public and private sectors have been on the rise since the recession because employers want to controlled expenses.

She said in order to fulfil its promise, the commission had allowed the sacked workers accessed 25 per cent of their pension contributions, especially if they were unable to get new jobs.

“The lean prospect of finding a new job after the loss of an earlier job was responsible for increase in demand to access 25 per cent of pension contributions.
Read Also: Buhari mourns as staunch supporter, Rev Moses Iloh passes away

“The PRA 2014 allows contributors, under the age of 50 years, who were disengaged from work and were unable to secure another job within four months of disengagement, to access 25 per cent of their respective Retirement Savings Accounts.

- Advertisement -

“The commission also recently reduced the assessment time after disengagement to four months from six months,” Dahir-Umar said.

The acting director-general said in the second quarter of 2018 about 12,854 workers have been disengaged.

She, however, said the disengaged workers have been able to access N5.6 billion from the pension assets within the timeframe.

“Of the entire disengaged workers who accessed their pension contributions, about 93 per cent were from the private sector.

“Some of the beneficiaries invested the money in business ideas in order to be self-employed.

“Others used it to meet their more immediate financial needs,” she said.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:PenComSacked Workers
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByFarouk Mohammed
Publisher
Follow:
Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
Previous Article Boko Haram Terrorists Kill, Abduct Red Cross Worker in Borno
Next Article National Assembly Begins Review of Electoral Bill Rejected by Buhari

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 4 days ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Pastor Adeboye
Pastor Adeboye Shares Divine Directive: Leaving RCCG Could Lead to Tragic Loss
News
Anglican Bishop of Lafia Calls on President Tinubu to Address Root Causes of Nigeria’s Insecurity and Economic Woes
News
Egbe Bobakeye Okunrin Akile Ijebu Refutes False Claims About Queen Elizabeth II’s 1956 Visit
News
NRC Managing Director Warns Against Railway Vandalism: “We Don’t Have Scraps, We Have National Assets”
News
Tragic Head-On Collision in Jigawa Claims Nine Lives, Dozens Injured
News
- Advertisement -
Ad imageAd image

You May Also Like

Sport

Victor Osimhen Returns to Nigeria as Al Hilal Transfer Hangs in Balance Ahead of FIFA Club World Cup

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
News

Tinubu Urged by PDP to Cut Fuel and Electricity Costs Amid Eid-el-Kabir Festivities

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
Mike Ejeagha
News

Mike Ejeagha, Nigerian Highlife Maestro, Dies at 95

Muhammad A. Aliyu
Muhammad A. Aliyu
June 7, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?