Employers in the public and private sectors have remitted about NN692bn to the retirement savings accounts of their employees in the first half of the year.
This was disclosed in the latest quarterly report from the National Pension Commission. An analysis of the data showed that in the first quarter, the pension contributions stood at N314.17bn and rose to N377.83bn in the three months ending June 2024, bringing the total for the first half to N692bn.
In the period under review, the public sector had the highest contribution of N380.28bn compared to N311.72bn from the private sector.
A year-on-year comparison showed that the pension contributions in H1 2024 dipped by 7.29 per cent from N746.45bn in the corresponding period of last year.
At the end of June, the total pension contribution since inception had risen to N10.63tn compared to N9.37tn at the end of the same period in 2023. The total pension remittances for 2023 stood at N1.32tn.
