7.5m Workers Register For Pension Scheme In Q2-NBS

L-R: Chairman, Trade Promotion Board, Lagos Chamber of Commerce and Industry (LCCI), Mr Sola Oyetayo, representative of the Minister of Science and Technology, Dr Gloria Elemo, President of LCCI, Chief Nike Akande and Minister of Communication, Mr Adebayo Shittu, the the opening of LCCI 2017 Information Technology Expo in Lagos, last Tuesday.

The National Bureau of Statistics (NBS), has stated that the Retirement Savings Account (RSA), membership distribution data for second quarter, 2017 reflected that over 7.5 million workers registered under the pension scheme.
The RSA is part of the Pensions Contributory Savings Scheme which became effective in 2004.
The system is a contributory, privately managed scheme established for all employees.
The law mandates every eligible employee (private or public), to maintain a Retirement Savings Account in their chosen Pension Funds Administrators (PFA).
PFAs are, by law, mandated to manage the RSA accounts, but the funds and pension assets must be kept with Pension Fund Custodians, who are guaranteed by banks.
They are being regulated by the National Pension Commission.
The NBS gave the figure in a report on “Retirement Savings Account (RSA) Membership Distribution for Second Quarter, 2017’’, posted on the bureau’s website last Tuesday, in Abuja.
The bureau stated that, the scheme recorded over 7.5 million workers in the second quarter compared to 7.4 million in first quarter of 2017, out of a total working population of over 69 million workers.
This, the bureau stated, represented 10.93 per cent of the total working population.
It stated that the figure was not surprising, given the largely informal structure of the labour force with about 50 per cent of the current workforce engaged in subsistence agriculture and informal trading.
It also stated that, micro businesses for example, accounted for over 90 per cent of total Micro, Small and Medium Scale Enterprises in Nigeria.
The report stated that, out of a total male working population of 36 million, only 5.3 million or 14.83 per cent male workers are registered under the pension scheme as at second quarter.
Similarly, it stated that only 2.1 million or 6.64 per cent out of a total female working population of 33 million are registered under the scheme as at the second quarter.
Accordingly, it stated that out of the 7.5 million RSA members, 71.04 per cent were men and 28.96 per cent were women compared to 71.10 per cent men and 28.90 per cent women, in first quarter of 2017.
The report further stated that the highest number of registered working population came from the age bracket of 30-39 years and closely followed by the working population within the age bracket of 40 -49 years and 50-59 years.
It, however, stated that the least number of registered working population came from above 65 years and 60 – 65 years age bracket.

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