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62 million Nigerian workers not on pension scheme – NBS

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62 million Nigerian workers not on pension scheme – NBS

According to a report released on Monday, by the National Bureau of Statistics, NBS, more than 89 per cent of Nigerian workers are not registered under the contributory pension scheme.

According to the report “the Retirement Savings Account, RSA, membership distribution data for Q4 2016 reflected that 7,348,028 workers are registered under the pension scheme out of a total working population of 69,470,091 as at Q4 2016.”

This figure “represents 10.8 percent of the total working population,” the report said.

The report noted that the trend wasn’t surprising given that the major employer of labour was the informal sector, which was largely unorganised.

Further disaggregation of RSA membership reveals that of a total male working population of 36,363,042 only 14.37% or 5,226,897 male workers are registered under the scheme. Similarly, only 2,121,131 or 6.41% out of a total female working population of 33,107,859 are registered under the scheme.

Accordingly, out of the 7,348,028 RSA members, 71.13% were men and only 28.87% were women. This can be compared with the gender split of the working population which has 52.3% men and 47.7%, women

The private sector dominates the RSA, private firms had 3,972,707 registered RSA members under the pension scheme as of Q4 2016 of which 3,014,138 representing 75.9 per cent were male and 958,569 representing 24.1 percent were female.

The analysis shows that the federal government had 1,866,850 registered RSA members under the national pension scheme as at Q4 2016 of which 1,363,266 (representing 73 per cent) were male and 503,584 (representing 27 percent) were female.

At the state and local government levels, 1,508,471 state public workers are registered under the national pension scheme with 849,493 males representing 56.3 per cent and 658,978 females representing 43.7 per cent. The bureau says this may indicate that the federal public service is larger than that of all 36 states combined.

In both the Federal and State civil service, men dominate with respect to the number of employees.

Analysis of the age distribution of workers shows that the highest number of registered working population came from the age bracket of 30-39yrs; followed closely by the working population within the age bracket of 40-49yrs and 50-59yrs; trailed by 60-65yrs age bracket.

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