See How Much PenCom Recovered From Greedy Employers
As you know, some employers will deduct their employees’ pension contributions from their salaries but would never remit same to the Pension Commission.
But nemesis is catching up with some of them and the Pension Commission is now making impressive recoveries from some of them.
PenCom said it has now recovered 13.58 billion from those categories of employers after they made deductions from their employees’ salaries but failed to remit the amount to their workers’ respective Retirement Savings Accounts.
A report from PenCom quoted the commission as saying that its efforts in ensuring compliance by employers with the pension payment regulations were yielding positive result.
“As of September 2017, the sum of 13.58 billion naira had been recovered as outstanding pension contributions and penalties,” it stated.
As part of its compliance efforts, the commission said it had been engaging the services of consultants to recover outstanding pension contributions from defaulting employers since 2012.
As soon as the outstanding contributions had been determined by the consultants, the defaulting employers were asked to pay the amount with the fine for late payment.
“Subsequent to the issuance of demand notices to defaulting employers whose liabilities had been established by the consultants, some employers have remitted the outstanding pension contributions and penalties,” it stated.
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