, 10,299 Retirement Savings Account, RSA, holders that lost their jobs, withdrew from their pension savings in Q4’23, up 33.9 percent from 7,688 of such withdrawals the previous quarter, in Q3’23.
The Pension Reform Act permits disengaged workers to withdraw 25 per cent of their pension savings four months after losing their jobs. “Out of the 10,299 applicants whose benefits were approved, 9,819 were from the private sector, while the remaining 480 were from the public sector. The sum of N6,504.96 million was approved for the 10,299 RSA holders under the age of 50 years.”
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