31 employers pay N154.61m fine for non-remittance of pension

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By Favour Nnabugwu

 

 

Thirty-one employers who failed to remit pension contributions deducted from their workers’ salaries to the appropriate Pension Fund Administrators (PFA) have been mandated to pay a total fine of N154.61 million

According to the Q2 2021 report released by the National Pension Commission (PenCom) represents part of the total N398.006 million recovered from them.

A total of N243.396 million representing the principal contributions was also recovered from the defaulters.

The report also disclosed that 19 other defaulting employers had been recommended for appropriate legal action.

While the defaulters were penalised over the infractions, the commission received 10,700 applications from private sector organisations for Pension Clearance Certificates (PCCs) to further qualify them for Federal Governent contracts.

According to the report, “out of this number, PCCs were issued to 10,417 organisations, while 283 applications were in the approval process as at June 30, 2021.

“The records showed that 10,417 organisations had remitted a total sum of N38.371 billion into the Retirement Savings Accounts of their employees totaling 127,483.

On refund of pension contributions to military personnel and employees of state security agencies, the report noted that during the quarter under review, the commission granted approval for the refund of N6.708 million to 57 personnel of the military and other security agencies, who were exempted from the Contributory Pension Scheme (CPS).

An update on the Nigeria Social Insurance Trust Fund (NSITF) also revealed that the commission received applications for transfer of NSITF contributions on behalf of 332 NSITF contributors.

“Approval was granted to transfer N17.026 million to the Retirement Savings Accounts (RSAs) of 298 members. “On a similar note, the commission approved monthly pensions in the sum of N62.327 to 3,629 NSITF pensioners,” the report noted.

 

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