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

Okay.ng Logo

Parallel Market Rates

USD
Buy₦1,540.00
Sell₦1,560.00
GBP
Buy₦2,148.00
Sell₦2,180.00
EUR
Buy₦1,740.00
Sell₦1,800.00

Updated: 14 hours ago

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

Quick Converter

0.00
ShareShareShare

Rates are for informational purposes only.

Okay.ng Logo Parallel Market Rates
USD
Buy
Sell
GBP
Buy
Sell
EUR
Buy
Sell
| okay.ng
- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

JAMB Registrar, Is-haq Oloyede
Nationwide Fingerprint Fraud Scandal Uncovered in JAMB CBT Centres, Imo and Anambra Lead
Education News
Senator Natasha Akpoti-Uduaghan
Senator Natasha Akpoti-Uduaghan Explains Delay in Senate Return Amid Legal Nuances
News
ADC Asserts Neutrality Amidst Political Realignments, Denies Bias in Presidential Race
Politics Top stories
Nigeria Union of Teachers
FCT Teachers to Resume as NUT Suspends Over Three-Month Strike
Education
Boladale Odunlami, Commercial Manager, Nestlé Nigeria; Olabisi Joseph, President, Nigeria School Sports Federation (NSSF); and Ifeanyichukwu Orabuche, Category Manager, Beverages, Nestlé Nigeria, pose with the triumphant Father O’Connell Science College team after they clinched the male championship title at the 25th MILO Basketball Championship held at the Indoor Sports Hall, National Stadium, Lagos.
25 Years of Impact as Nestlé’s MILO Basketball Championship Shapes Nigeria’s Future Champions
Sport
- Advertisement -
Ad imageAd image

You May Also Like

Education

New Admission Benchmarks Set to Standardise Tertiary Entry Across Nigeria

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
July 8, 2025
Dangote Refinery
Energy & Oil

Dangote Refinery Cuts Petrol Price Again to ₦820 Per Litre, Expands Distribution Network

Muhammad A. Aliyu
Muhammad A. Aliyu
July 8, 2025
David Mark
Politics

2027: ADC Has No Preferred Presidential Aspirant – David Mark

Muhammad A. Aliyu
Muhammad A. Aliyu
July 8, 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?