A total of 5,432 employers were cleared for having pension and insurance covers for their workers in the third quarter of 2020.
PenCom disclosed this in its third-quarter report on issuance of pension clearance certificates.
It said, “During the quarter under review, 5,700 private sector organisations applied for issuance of pension clearance certificates.
“Out of this number, 5,432 organisations were issued certificates while the remaining 268 applications were declined for not meeting the stipulated requirements.
“A total sum of N24.98bn was remitted into the Retirement Savings Accounts of 76,498 employees by the 5,432 organisations that were issued with the PCCs.”
PenCom disclosed that 104,736 participants enrolled into the Contributory Pension Scheme within Q3 2020, out of which 38,235 or 36.5 per cent were between 30 and 39 years.
A further analysis also showed that 37,126 or 35.4 per cent were below 30 years of age.
These statistics pointed to the increasing evidence of the sustainability of the CPS, as the younger generation were actively being enlisted into the scheme, it stated.
On the gender distribution, 64 per cent of the total 104,736 that registered during the quarter were males, sustaining dominance over the female gender.
The commission said during the quarter under review, it generated 2,781 employer codes for private sector organisations, accounting for 98 per cent, while employer codes generated for non-governmental organisations, unions/associations and MDAs under the federal and state governments numbered 48 or two per cent of the total.
