The National Pension Commission (PenCom) reported that it paid N326.32 billion as retirement benefits to retirees enrolled in the Contributory Pension Scheme (CPS) in 2021.
The commission, in its just published 2021 Annual Report indicated that the payments comprised retirement benefits and a 25 percent payout due to temporary loss of job during the year.
According to the report, the total pension contributions credited into the Retirement Savings Accounts (RSAs) of public sector employees from inception increased to N3.93 billion as at the end of the financial year 2021, up from the N3.43 billion contributions at the end of the preceding year
The commission further disclosed that pension contributions from all tiers of government in the public sector, totaled N492.43 billion in the year under review, representing a 8.29 percent decline (year-on-year) when compared with the N536.97 billion contributed in 2020.
It also reported that cumulative pension contributions from the organized private sector from inception to December 31, 2021 grew to N3.66 billion compared with the N3.27 billion contributed in 2020.
The PenCom also indicated in the report that pension contribution credited into the RSAs of private sector employees marginally increased to N388.23 billion as of Dec. 31, 2021, representing 4.61 per cent increase over the N371.12 billion recorded in the preceding year.
This is even as reported that pension contributions remitted into the RSAs of employees dropped to N880.66 billion at the end of 2021, representing a three per cent decline compared to the N908.09 billion recorded as of December 2020.
It stated: “The total pension contributions remitted into the RSAs of employees in both the public and private sectors in 2021 decreased slightly from N908.09 billion recorded in 2020 to N880.66 billion as of Dec. 31, 2021.”
