As many as 11% of Nigeria’s total working population of 69.47 million people have no Retirement Saving Accounts (RSA), data from the National Bureau of Statistics (NBS) shows.
This was contained in a series of tweets posted by the Statistician General of the Federation, Yemi Kale on Monday.
According to the statistician at the federal level, the number of individuals with RSA stood at 1.86 million as at Q4 2016 of which 1.36 million ( or 73.0%) were male and 503,584 (or 27%) are female. Only 2.12 million or 6.41% of total female working population of 33.2 million are registered under the scheme.
Of a total male working population of 36.36 million, only 14.37% or 5.22 million male workers are registered under the scheme.
Also, Retirement Savings Accounts’ data for Q4 2016 shows that 7.34 million workers (11%) are registered under the pension scheme out of a total working population of 69.4 million. The Retirement Savings Account (RSA) is a Contribution Plan required under the Pensions Reform Act 2014. It can be opened by every employee in an organisation with 3 members of staff or more.
In terms of age distribution, the highest numbers of registered working population came from the age bracket of 30-39 years then the age bracket of 40-49 years and 50-59 years. Private firms had 3.97 million registered RSA members as of Q4 2016 of which 3,014,138 or 75.9% were male and 958,569 or 24.1% were female.