PFA: Private sector accounts for 95% of paid disengaged workers in Q3’

More than 95 per cent of about N4 billion paid to disengaged workers by Pension Fund Administrators (PFA) in the third quarter of 2016 went to the private sector.

A Quarterly Summary Report of the National Pension Commission (PenCom), shows that 12,464 persons were paid in the quarter under review.

According to the report, the disengaged workers paid by the PFAs are those who have Retirement Saving Account (RSA) and are under 50.

These disengaged workers were also not able to get another job within four months of their disengagement.

The breakdown of the report showed that the private sector accounted for 95.43 per cent, which amounted to 173,578 of the disengaged workers.

The public sector accounted for 4.57 per cent, which is 8,305 workers.

The report further stated that N56.9 billion has been paid to 181,883 disengaged workers since inception of the Contributory Pension Scheme (CPS).

Also, N1.84 billion as death benefits to beneficiaries of 532 deceased employees within the quarter.