According to the first quarter 2024 report of the National Pension Commission (PenCom), 8702 Retirement Savings Account holders requested to obtain 25 per cent of their balances due to temporary loss of employment.
Out of the numbers of those who requested to access their funds, PenCom approved 8651 of them while 51 were rejected because the applicants were over 50 years of age.
Out of the approved numbers, a vast majority of 8167 were from the private sector while the remaining 484 were from the public sector.
The total sum disbursed to these 8167 people in the first quarter of this year amounted to N14.2 billion, highlighting the increased economic burden faced by individuals in the country.
The data also revealed that though job losses cut across all sectors, the vast majority were from the private divide, showing they have been more impacted by the prevailing economic climate.