The National Pension Commission (PenCom) has sanctioned defaulting companies N12.09billion monetary fines, LEADERSHIP learnt.
In the third quarter period, it disclosed that, demand notices were issued to defaulting employers whose pension liabilities were established by the Recovery Agents.
However, during the first quarter of the current year, the sum of N384.2million comprising principal contributions of N193.059 million and penalties N191. 222 million was recovered from 34 defaulting employers. Four defaulting employers’ name, it added, were forwarded to the Commission Secretariat/Legal Advisory Services Department for prosecution.
Section 11 of the Pension Act 2014, states that any employer who fails to remit the contributions within the time prescribed shall, in addition to making the remittance already due, be liable to a penalty to be stipulated by the commission. The penalty, according to the pension law shall not be less than 2 per cent of the total contribution that remains unpaid for each month, or part of each month that the default continues, and the amount of the penalty shall be recoverable as a debt owing to the employee’s retirement savings account as the case may be.
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