The National Pension Commission has said that 73 percent of contributors under the Contributory Pension Scheme are below 40 years of age.
It said in its ‘Age and gender distribution’ report for the fourth quarter of 2021 that this showed that the CPS had an increasing sustainability level.
PenCom’s report, however, showed that male contributors dominated the Retirement Savings Account holders’ list.
The report stated that “Gender and age distribution analysis of new registrations on the CPS for the quarter showed that 73 percent were below the age of 40 years.
“This points to the increasing sustainability of the CPS, as the younger generation are actively being enlisted into the scheme.
“Regarding gender distribution, 65 percent of those that registered during the quarter were male, while 35 percent were female.”
According to PenCom, 9,589,721 workers had registered under the CPS as of the end of February 2022.