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8 September 2021

PenCom Penalises 25 employers N446 for pension default

The National Pension Commission (PenCom) has penalised 25 erring employers N446.16 million over non-remittance of pension contributions promptly, The Nation has learnt. This penalty, which was contained in a report showed the amount was recovered in the first quarter of the year.

The National Pension Commission (PenCom) has penalised 25 erring employers N446.16 million over non-remittance of pension contributions promptly, The Nation has learnt. This penalty, which was contained in a report showed the amount was recovered in the first quarter of the year. The penalty represents two percent fine slam on the employers who fails to remit employee and employers portion of pension contributions as stipulated in the Pension Reform Act 2014. The Nation page 9