Number of registered pensioners rises in Q3 of 2017 – NBS
The National Bureau of Statistics has revealed that The Pension Asset and Retirement Savings Account (RSA) Membership Data from Q1 - Q3 of 2017 indicated that 7,710,564 workers have
Question:
Does an employer have the right to request for deductions to be made from the Retirement Savings Account (RSA) balances on retirement to settle outstanding financial obligations owed to the employer? - Emeka, Abuja
The employer has no such right. The law is clear; only the owner of a retirement savings account can access the balance in
Answer:
been registered under the Contributory Pension Scheme (CPS) compared to 7,589,936 590 registered workers in Q2 of 2017
Analysis of the data released in Abuja recently by the Bureau also showed that Pension Fund Asset under such an account. An employer cannot access the employee’s account - PenCom
Did the introduction of the contributory pension nullify payment of gratuity by employers to their employees? - Usman, Abuja
For
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many organisations, gratuity is agreed upon through collective bargaining between the workers and Management as at Q3 2017 stood at N7, 164mln as against N6,832mln in Q2 2017.
“FGN Bonds has the highest weight percentage of 54.09% of the total pension fund assets and closely followed by treasury bills with 17.73% weight and domestic ordinary employers to be paid in accordance with the terms and conditions agreed. The promulgation of the PRA did not stop the payment of gratuity, or any form of severance benefits that existed prior to June 2004. In fact, the PRA recognises the need for employers to honour their agreement with employees and also gives place for collective bargaining for enhanced Shares with 8.66% weight while infrastructure funds has the least with 0.07% weight,” NBS said
Details of the statistics by NBS has it that Participant under the Contributory Pensions Scheme below 40years have the highest retirement
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entitlements. PenCom
What happens to gratuity in this new pension scheme? - Anonymous
Upon retirement, an employee can draw a lump sum (by whatever name) from the balance standing to the credit of his/her RSA provided the balance after the withdrawal could provide an annuity or fund monthly payments that would not be percentage composition which is closely followed by participants less than 30 years and within the age bracket of 40-49 years.
The report also showed that participants above 60years had the least percentage composition. less than 50 per cent of his monthly pay as at the date of his retirement. However, an employer may choose to pay any other severance benefit (by whatever name called) over and above the retirement benefits payable to the employee subject to the terms and conditions of his employment. - PenCom
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