Employees’ contributions remitted into the Retirement Savings Account (RSAs) declined by -3% last year, after the government reduced its contributions, while the private sector upped its payment.
According to the 2021 annual retirement savings contributions released by the National Pension Commission (PenCom), the total disbursement into the vault by the private and government sector is N880.66 billion as at December 31, 2021.
The contributions fell short of the N908.09 billion (dropping N27.43 billion year-on-year) recorded at the end of December 2020, with the government accounting for N492.43 billion, while the private sector contributed, N388.23 billion as at December 31, 2021.
PenCom 2021 annual report reads, “The total pension contributions remitted into the RSAs of employees in both the public and private sectors in 2021 decreased slightly from N908.09 billion recorded in 2020 to N880.66 billion as at 31 December 2021.”
It was gathered that the contributions of the public sector fell by -8.29% year-on-year, from the N536.97 billion reported in 2020, while that of the private sector rose by 4.61%, against the N371.12 billion recorded in 2020.
According to the industry regulator, “Cumulatively, the pension contributions credited into the RSAs of public sector employees from inception to December 31, 2020 grew from N3,432.94 billion as at December 2020 to N3,925.37 billion as at December 31, 2021.”
In total, the public sector pension contributions since inception increased to N3,925.37 billion as at December 31, 2021, and the private accounting for N3,657.03 billion.
Meanwhile, the income earned by the Pension Fund Administrators (PFAs) increased to N125.39 billion as at December 31, 2021. This is a growth of 14.33%, considering PFAs earned N109.68 billion in 2020.
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