According to the National Pension Commission, or PenCom, 1,234 requests for residential mortgage financing totaling N10.5 billion were approved, while 156 requests were turned down because of incomplete paperwork.
379 of the 1,234 applicants whose benefits were approved came from the private sector, and the remaining 855 came from the public sector, the report went on to reveal.
In order to support themselves and their families in the first half of 2024, or H1’24, 14,179 Retirement Savings Account (RSA) holders who lost their jobs this year took 25% of their pension savings, according to the Pencom report.
RSA holders withdrew N23.4 billion during that time, according to the National Pension Commission’s (PenCom) second quarter report.
A total of 5,528 RSA account holders withdrew N9.2 billion in Q2’24, compared to 8,651 RSA holders who withdrew N14.2 billion in the first quarter. Nevertheless, the second quarter report shows slower withdrawals. Nonetheless, a few industry watchers linked the higher number in Q1’24 to the customary financial strains that arise at the start of the year.
“Of the 5,528 applicants whose benefits were approved, 5,223 were from the private sector, and the remaining 305 were from the public sector,” the PenCom report for Q2’24 said. The N9.3 billion was authorized for the 5,528 RSA holders who are younger than 50.
“A total of 4,387 beneficiaries applied to access the death benefits of deceased employees/retirees,” the report said regarding the payment of death benefits. Of those, 4,376 requests were granted, and eleven were denied because the supporting paperwork was incomplete. 807 requests for death benefits were approved from the private sector, and 3,569 requests came from the public sector out of the 4,376 requests that were approved. For the 4,376 beneficiaries, a total of N29,318.98 million was approved.
