PenCom FINES DEFAULTING EMPLOYERS N7.79b

Written by on September 16, 2019

The National Pension Commission has collected N7.79 billion
from employers that defaulted in remitting pension
contribtutions deducted from their employees’ Retirement
Savings Account.

PenCom according to a report titled: Second Quarter 2019:
Update on the Recovery of Outstanding Pension Contributions
and Interest Penalty from Defaulting Employers, said the cash
have since been credited to the respective pension accounts
(Retirement Savings Accounts) of the affected employees.

The cash which is the total recoveries made from inception of
the Contributory Pension Scheme to date, represents two per
cent interest of the amount deducted and not remitted by the
employers as and when due.


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