The National Pension Commission says only workers who lose their jobs during the coronavirus pandemic will be able to get a quarter of the savings in their Retirement Savings Accounts to cushion the hardship after four months.

The spokesperson for the commission, Mr Peter Aghahowa said this during an interview with our correspondent. He said there might be likely increase in job losses due to the effects of the pandemic.

According to him, the palliatives the sector will give to those contributing to the scheme will be to allow them to access a quarter of the balance in their funds if they failed to get another job after four months.

He said, “The contributory pension is designed with an inbuilt palliative, which is being able to access 25 per cent of yourRetirement Savings Balance in a situation whereby you lose your job.

“So, if you lose your job after four months, you can access 25 per cent of your RSA contribution.

“At this period, with the imminent downturn in the economy, a number of people are likely to lose their jobs.

“The Contribution Pension Scheme was designed in such a way to take care of peculiar needs of Nigerians. So, at this time, we expect that quitea number of people will come forward that qualify for that.”

Section 7(2) of the PRA 2014 of the Pension Reform Act 2014 provides that an employee, who is disengaged from employment before the age of 50 years and is unable to secure another employment within four months of suchdisengagement may make a withdrawal of not more than 25 per cent from their RSA.

The total assets under the Contributory Pension Scheme rose to N10.22tn as of the end of December 2019, PenCom stated.

According to the commission, a total of N7.34tn or 71.87 per cent of the funds has been invested by the Pension Fund Administrators in the Federal Government of Nigeria’s securities, such as the FGN bonds, treasury bills, agency bonds, Sukuk bonds and green bonds.