PenCom: 73% of workers under contributory pension scheme below 40 years

The National Pension Commission (PenCom) says most contributors under the Contributory Pension Scheme (CPS) are below 40 years.

The commission said the figure represents 73 per cent of the total contributors to the scheme.

PenCom said this in its 2021 fourth-quarter report — Age and Gender Distribution.

According to the report, the number of male contributors surpassed females in the Retirement Savings Account (RSA) holders’ list.

“Analysis of new registrations on the CPS for the quarter showed that 73 per cent were below the age of 40 years,” the report states.

“This points to the increasing sustainability of the CPS, as the younger generation are actively being enlisted into the scheme.

“Regarding gender distribution, 65 per cent of those that registered during the quarter were male, while 35 per cent were female.”

The report further added that over N6 billion was paid to retirees below 50 years under the retirement service account (RSA).

It said the retirement benefit paid was higher compared to the fourth quarter of 2021.

“The Commission approved the payment of N6,414.57 million to 10,804 RSA holders under the age of 50 years, who were disengaged from work and unable to secure jobs within four months,” the report added.

“A total of N76.67 billion was paid as retirement benefits in Q4 2021. This was lower than the retirement benefits of N100.91 billion paid in Q3 2021 by N24.24 billion.”