PenCom Recovers N9.38bn Contributed Pensions From Companies

Chinelo-Anohu-Amazu

Chinelo-Anohu-Amazu

A new report by the National Pension Commission indicates the recovery of N9.38bn pension funds deducted from the salaries of workers but not remitted by their employers,

The National Pension Commission has recovered N9.38bn from various employers of labour across the country that failed to remit pensions deducted from their workers’ salaries under the Compulsory Pension Scheme to the employees’ respective Retirement Savings Accounts.

The contributions of about 127,555 workers to the pension funds as of March this year are still outstanding, according to the latest report obtained by our correspondent.

The report also showed that the defaulting firms were made to pay fines amounting to N348.81m.

PenCom had relied on the services of consultants to recover the funds and the commission said that 55 of the consultants would continue with the recovery of the outstanding pension contributions.

“Following the issuance of demand notices to defaulting employers whose liabilities had been established by the consultants, some employers remitted the outstanding pension contributions and penalty of N348.81m in March, making the total recoveries from inception N9.38bn,” it stated. Read more

Culled from Punch