By Bisi Bamishe
About 83.60% of workers who registered to have Retirement Savings Accounts (RSA) with Pension Fund Administrators (PFA) under the Contributory Pension Scheme (CPS) in the first quarter of 2024 are below 40 years old.
Figures obtained by Dailyeconomy from the National Pension Commission (PenCom) on its first quarter report revealed.
According to the report, “Analysis of the new registrations in Q1: 2024 by age and gender indicated that out of the 89,061 registrations, 83.60% or 74,453 were active contributors below the age of 40 years.
“Out of this number, 10,997 or 12.35% of the new registrations were between the age of 40-49 years. This points to the increasing sustainability of the CPS, as the younger generation are actively being enlisted into the scheme.
“On the gender distribution, 51,903 or about 58% of those that registered during the quarter were males, thus sustaining dominance over the female gender in terms of registration into the scheme.”
