Pressure Mounts On Pension Funds As ‘Under-aged’ Pensioners Emerge From Economic Rumbles

The national pension fund savings which had peaked at over N6 trillion may be depleted faster than anticipated as new categories of pensioners are beginning to emerge.
This is as pension age bracket that used to be between 60 and 70 years of age has fallen to between ages of 35 and 60.
The new order is emerging from an economy that has seen the collapse of various categories of firms as a result of insecurity and high cost of funds.
An investigation conducted by DataMania Consult Limited, publishers of BusinessSense shows that very young persons are now approaching their pension administrators with the view of accessing their monies after they lost their jobs.
Further investigations indicate that some manufacturing concerns have closed shops altogether because of rising overhead cost, amidst poor supply of power.
A cursory look at the books of some of the pension administrators shows that people who were born 1970 and 1985 are all queuing up to collect the little savings accrued while they were working.
This has led to another set of firms springing up in most parts of the country. For instance, a long one street, one will count size able number of laundering outfits set-up to make ends meet, while in the downside of some cities, the site of young men setting up eatery joints have increased.
All these are outside some spineless ones that opted out rightly for scamming jobs or real armed robbery.
Matters are not helped as there are little or nothing about the presence of developmental banks to cushion the effect of very high rate of funds by commercial banks.
Instead, the vacuum has given room to another set of cut-throat lenders to make life more difficult for Small and Medium Enterprises. These micro finance banks have done more harm than good to the development of small entrepreneurs.

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