Latest report by the National Pension Commission (PenCom) has revealed that male workers have continued to lead in their pension contributions under the new pension scheme, New Telegraph has learnt.
According to checks, the data, compiled by the commission as at September 30, 2018, shows that the male contributions to their Retirement Savings Accounts (RSAs) is 59 per cent higher than that of females.
While the number of male contributors stands at 5,846,166, that of the female c is 2,425,782. The total makes up the current figure of 8.33 million workers currently registered under the Contributory Pension Scheme (CPS).
The record, which also has sectorial breakdown of participation, revealed that the private sector has the dominant contributors with male workers standing at 3,511,283 and female contributors standing at 1,180,770.
Similarly, in the public sector, the number of male contributors stands at 2,334,883, while that of their female counterparts stands at 1,245,012.
The breakdown further revealed that male contributors between the ages of 30 and 39 dominate the scheme with 708, 415 members in the public sector and 1,413,154 in the private sector. The female contributors in this category are 356,033 in the public sector and 558,463 in the private sector.
Similarly, the record shows that less than 30 years contributors are 92,736 male in public sector and 49,253 females. In the private sector, the figure is 426,596 for male and 220,801 for females.
For contributors between 40 years and 49 years, 653,325 are male, while 400,062 are females in the public sector. On the other hand, 964,475 contributors represent the number of males in the private sector, while 277,849 are the number of female also within that age bracket.
According to the statistics, the contributors between the ages of 50 years and 59 years, who were captured by the commission, have 566,341 males and 325,470 in the public sector, while those in the private sector are 494,295 males and 98,924 females.
For those between 60 years and 65 years, the male contributors in the public sector are 213,479, while the female contributors are 86,560. In the private sector, the male contributors are 135,547 and females, 17,025.
The last contributors captured by the commission are those above 65 years with the males numbering 100,587 and 27,634 females in the public sector. There are also 77,216 male workers and 7,708 females in the private sector.
Recently, PenCom revealed that the total pension assets had peaked at N8.33 trillion from N7.51 trillion as at December 2017.
According to the investment breakdown, as at December 2017, FGN bonds got N4.04 trillion; treasury bills, N1.18 trillion; agency bond (NMRC & FMBN) N5.82 billion; Sukuk bonds, N56.55 billion and green bonds, N7.19 billion.
However, as at May 2018, FGN bonds got N3.96 trillion; treasury bills, N1.68 trillion; agency bond (NMRC & FMBN) N6.54 billion; Sukuk bonds, N51.98 billion and green bonds, N8.26 billion.
To further grow the assets, PenCom is putting finishing touches to the implementation of micro-pension scheme, which is expected to accommodate more contributors.
Speaking on steps being taken in this regard, Acting Director-General, PenCom, Mrs. Aisha Dahir-Umar, said the commission was intensifying efforts at ensuring the provision of necessary infrastructure for the launch in line with its strategic objective of expanding coverage of the CPS to the underserved sector.
She also added that the commission had initiated the Pension Enhancement Programme to enhance the monthly pension of retirees in the CPS.
The director-general disclosed that the commission sought for and obtained the approval of the Secretary to the Government of the Federation to implement the pension enhancement after discovering that returns being generated by the PFAs on the balances in Retirement Savings Accounts (RSAs) of majority of retirees could be used to enhance their monthly pensions.
This, she pointed out, resulted in increased monthly pensions for most retirees under the Programmed Withdrawal arrangement, even as, the PFAs had commenced the enhancement of pensions of all retirees with effect from December 2017.
