Emmanuel OchayiThe National Pension Commission (PenCom) announced on Wednesday that it has recovered N25.13 billion from defaulting employers, with N12.80 billion representing principal contributions and an additional N12.33 billion in penalties for delayed payments.
Speaking about this achievement, PenCom stated, “This recovery endeavor aims to reclaim unremitted pension contributions and penalties, ensuring that affected employees do not suffer income losses from investment delays, enhancing organizations’ compliance with the PRA 2014, and reducing employee complaints regarding non-remittance of pension contributions, thereby bolstering trust and acceptance of the Contributory Pension Scheme (CPS).”
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Under the Pension Reform Act of 2014 (PRA 2014), eligible employees must maintain a Retirement Savings Account (RSA) with a Pension Fund Administrator (PFA) of their choosing, emphasizing the importance of timely contributions to secure a stable retirement.
The Commission has empowered its agents to pursue defaulters and intends to continue these efforts, further reinforcing the nation’s retirement savings landscape.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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