More than 89 per cent of Nigerian workers are not registered under the contributory pension scheme, the National Bureau of Statistics, NBS, has said.
According to a report released by the NBS on Monday, the Retirement Savings Account, RSA, membership distribution data for Q4 2016 reflected that 7,348,028 workers are registered under the pension scheme out of a total working population of 69,470,091 as at Q4 2016.
This, the report said, represents 10.8 per cent of the total working population.
The NBS explained that the trend is not surprising given the largely informal structure of the Nigerian labour force.
It stated further that about 50 per cent of the current workforce are engaged in subsistence agriculture and informal trading, noting that micro businesses for example account for over 90 per cent of total small, micro, and medium scale enterprises, SMEs, in Nigeria.
An analysis of the report shows a total male working population of 36,363,042, with 14.37 per cent representing 5,226,897 registered under the scheme. Similarly, only 2,121,131 representing 6.41 per cent out of a total female working population of 33,107,859 are registered under the scheme.
Also, out of the 7,348,028 RSA members, 71.13 per cent were men and only 28.87 per cent were women. This ratio appears small when compared with the gender split of the working population which has 52.3 per cent and 47.7 per cent men and women respectively.
Meanwhile, the RSA membership is dominated by the private sector.
Posts
Comments