Home Economy More workers embrace pension scheme, says NBS

More workers embrace pension scheme, says NBS

by CredibleNews

More workers are signing up for the pension scheme going by figures from the National Bureau of Statistics. Specifically, the number of registered workers under the pension scheme in the first quarter of 2019 rose to 8,569,037 from 8,410,184 registered workers in fourth quarter of 2018.

NBS disclosed this in its “Pension Asset and RSA Membership Data’’ for first quarter of 2019 posted on its website.

The bureau said the Pension Fund Asset under management as at first quarter 2019 stood at N9.03 trillion as against N8.63 trillion in first quarter, 2018.

Besides, Federal Government Bonds have the highest weight percentage of 49.37 percent of the total pension fund assets, closely followed by treasury bills with 21.44 percent weight and local money market securities with 9.68 percent weight.

The bureau said foreign money market securities had the least with 0.25 percent weight in the period under review.

It said participants within the age distribution of 30-39 havethe highest percentage composition with 35.77 percent closely followed by participants within the age bracket of 40-49 with 28.12 percent.

According to the report, participants between 50 and 59 are 18.02 percent while participants above 65 have the least percentage composition with 2.78 percent.

In arriving at the report, NBS said data was supplied administratively by the National Pension Commission and was verified and validated by the bureau.

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