AGS NEWS – In the first quarter of 2024, around 8,651 Retirement Saving Account (RSA) holders withdrew N14.20 billion due to temporary job loss, according to the National Pension Commission (PenCom) report.

PenCom received 8,702 requests from RSA holders seeking to access 25% of their RSA balances because of temporary unemployment.

Out of these, 8,651 requests were approved, while 51 were rejected as the applicants were over 50 years old.

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Most requests (8,167) came from the private sector, with the remaining 484 from the public sector.

PenCom approved N14.20 billion for the 8,651 RSA holders under 50 years old.

As of the end of 2023, PenCom received 510,148 withdrawal requests, approving 493,156 and rejecting 16,992. The approved amount was N223.99 billion.

PenCom processed 4,042 requests for En Bloc payments, approving 3,936 and rejecting 106 due to incorrect Annual Total Emolument.

Approved payments amounted to N2.56 billion for 3,936 retirees.

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In the quarter, PenCom issued 17,317 Pension Clearance Certificates (PCCs), with N69.82 billion remitted into RSAs for 197,040 employees.

The commission also recovered N2.194 billion from 31 defaulting employers and initiated legal action against three.