25 defaulting employers pay N446.2m penalty to PenCom in Q1 2021

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By Favour Nnabugwu


Not less than 25 dataulting employers were made to pay a penalty of N446.2million to the  National Pension Commission (PenCom) as the Commission recovered N608.6million in the first quarter of 2021

Out of total figure of N608.554,747.59 representing principal contribution N162,385,260.05 and penalty N446,169,487.54 from 25 defaulting employers.

PenCom on its website, stated that the recovery was made following the issuance of demand notices to defaulting employers whose pension liabilities had been established by the Recovery Agents (RAs).

The pension industry regulator noted that within the period, it also received a total of 14,741 applications from private sector organisations for the issuance of Pension Clearance Certificates (PCCs).

Out of that number, it said PCCs were issued to 9,299 organisations while 5,442 applications were being processed. The records show that a total sum of N41,971,011,350.51 was remitted into the Retirement Savings Accounts of 163,286 employees of the 9,299 organisations, it submitted.

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