The National Pension Commission (PenCom) yesterday said it has paid N55.46 billion as lump-sum to 177,284 workers disengaged from various sectors due to economic recession.

The Head of Benefits and Insurance Department of the PenCom, Olulana Loyinmi, who disclosed this in Calabar at a conference organised for journalists, also said the payments were made to workers who lost their jobs and remained out of job for four months or more.

The amount paid translated to 25 percent of the cumulative funds in their retirement savings accounts (RSAs) as provided for in the Pension Reform Act, 2014, for workers who are out of jobs he said.

Loyinmi expressed worry that the payments were made to the workers who were yet to reach retirement age but lost their jobs.

He said on daily basis, staff of the Benefits and Insurance Department of the PenCom were occupied, processing applications of 25 percent lump-sum withdrawals, an indication that people were getting out of their jobs and needing resources to meet immediate needs.

He further disclosed that a total of 186,730 retirees have collected about N395.20 billion as lump sum at the point of retirement and collecting monthly pension totalling N6.35 billion as at September this year.