PenCom Pays N326bn Retirement Benefits In 2021
By Ngozi Onyeakusi— National Pension Commission (PenCom) says it paid N326.32 billion as retirement benefits in 2021.
This is contained in the Commission’s 2021 annual report made available to SUPERNEWS in Lagos.
According to the commission the payments comprised retirement benefits and a 25 per cent payout due to temporary loss of job.
SUPERNEWS reports that pension contributions credited into the Retirement Savings Accounts (RSAs) of public sector employees from inception grew from N3.43 billion on Dec. 31, 2020, to N3.93 billion as of Dec. 31, 2021.
According to the PenCom report, the public sector employers- federal, state and local governments contributed N492.43 billion as pension during the year under review. It said the figure represented an 8.29 per cent decline (year-on-year) when compared with the N536.97 billion recorded in 2020. The Commission reported that cumulative pension contribution received from the private sector from inception to Dec. 31, 2021 rose from N3.27 billion recorded in 2020 to N3.66 billion.
It said the pension contribution credited into the RSAs of private sector employees increased slightly by 4.61 per cent from N371.12 billion in 2020 to N388.23 billion as of Dec. 31, 2021.