The Nation Newspaper PenCom recovers N25.13b unremitted pension contributions, others from employers
The sum, it said, comprised N12.80 billion principal contributions, and N12.33 billion penalties for delayed payments.The report read: “The Pension Reform Act of 2014 stipulates that eligible employees must maintain a Retirement Savings Account with a Pension Fund Administrator of their choosing. Once an RSA is established, the employee must furnish the employer with their RSA Personal Identification Number issued by the PFA.
“Under the PRA 2014, an employer who fails to deduct or remit contributions within seven working days is subject to a penalty of not less than two per cent of the total unpaid contributions for each month or part thereof.This penalty is reclaimed as a debt and credited to the employee’s RSA. “Subsequently, demand notices are served to employers to remit outstanding pension contributions and penalties. The RAs, then, collect evidence of payments, which is forwarded to the Commission for confirmation by the Pension Fund Custodians .
“Furthermore, PenCom pursues legal action against persistent defaulters who fail to remit pension contributions, ensuring accountability and adherence to the CPS. The commitment of employers to comply with the CPS is highly commendable.
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