Nigerian pensioners with low monthly payouts can now withdraw their entire retirement savings.
The National Pension Commission in Nigeria allows low-income pensioners to withdraw their entire retirement savings if their monthly pension is less than one-third of the new minimum wage of N70,000. This change follows the increase of the national minimum wage and gives retirees the option to either withdraw their total savings or continue receiving their monthly pension. Pension fund administrators must comply with this immediate change.
December 03, 2024
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