The licensed Pension Fund Administrators (PFAs) managing the new contributory pension scheme in Nigeria have registered 4,540,352 employees as at the end of second quarter of the current year, the National Pension Commission (PenCom) has announced. PenCom is the supervisory authority in nation's pension industry.
According to the commission, the contributory pension scheme established by the Pension Reform Act 2004 for employees in the country recorded 4,132,217 contributors as at the end of first quarter of the year. This means that more than 400, 000 contributors joined the scheme between the month of March and June 2010. The figure was 4.01 million as at the end of December 2009.
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