8m workers register under pension scheme in Q1 – NBS

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The National Bureau of Statistics (NBS) says 7,975,976 workers were registered under the pension scheme in the first quarter of 2018 compared to 7,823,911 registered in the fourth quarter of 2017.
The NBS disclosed this in its “Pension Asset and Retirement Savings Account (RSA) Membership data,” released on Tuesday.
According to the report, the Pension Fund Asset under Management as at the first quarter of 2018 stood at N7,943 million as against N7,515 million in fourth quarter of 2017.
It said the Federal Government (FGN) Bonds had the highest weight percentage of 48.61 per cent of the total pension fund assets, closely followed by treasury bills with 20.89 per cent weight.
It said the Domestic Ordinary Shares stood at 9.25 per cent weigh,t while Agency Bonds had the least with 0.07 per cent weight.
The report said participants within the age distribution of 30-39 years had the highest percentage composition of 2,986,752 million.
It said this was closely followed by participants within the age bracket of 40-49 years with 2,203,123 participants and 50-59 years with 1,430,180.
It said participants who were above 65 years had the least percentage composition of about 187,461 participants.

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