PenCom recovers N17.5b from companies who deduct employees’ pension without remittance

PenCom recovers N17.5b from companies who deduct employees’ pension without remittance

The National Pension Commission (PenCom), on Saturday, September 26, stated that it has recovered N17.52 billion from employers who deduct monthly pensions from staff salaries without remitting to their retirement savings accounts.

This disclosure was contained in the 2020 second-quarter report released by the commission which puts the amount at N8.89 billion principal contribution and N8.63 billion penalty.

“Following the issuance of demand notices to some defaulting employers whose outstanding pension contribution liabilities had been established by the recovery agents (RAs), 16 of the affected employers remitted the sum of N261.3 million representing principal contribution (N152.7 million) and penalty (N108.5 million) during the quarter.

“This brought the total recoveries made from inception to June 30, 2020, to N17.5 billion comprising principal contribution of N8.8 billion and penalty of N8.6 billion,” PenCom stated.

In the quarter under review, PenCom said 5,100 private organisations applied for pension clearance certificate (PCC) out of which 4,937 were processed and issued PCCs.

A total of 163 applications were turned down due to non-remittance of pension contributions for the appropriate period and/or non-provision of group life insurance policy.

According to the commission, 4,937 organisations that were issued certificates; remitted the sum of N19.3 billion into the RSAs of 67,692 employees.

“A total of 51 complaints relating to non-remittance of pension contributions, Nigeria Social Insurance Trust Fund (NSITF) pension payment; other benefits and pension payment under Pension Transitional Arrangement Directorate (PTAD); were received during the quarter out of which 24 were resolved; while the remaining 27 were at various stages of processing,” the PenCom report read.

The total number of contributors in the pension industry increased by 41,074; from 9.06 million contributors at the end of Q1 2020 to 9.10 million.

Meanwhile, the Indigenous People of Biafra (IPOB), on Saturday, September 26, reiterated its determination for a referendum; in order to determine if its members still want to be a part of Nigeria.

This was contained in a statement issued by Emma Powerful, the group’s spokesperson.

Powerful, in the statement, said the allegations that IPOB members carry arms; and is attacking security agents was a lie; merely targeted at giving the Department of State Services an excuse to go after its members.

Also Read: US disburses $2.1m to FG for COVID-19 survey in three states

Excerpt from the statement reads, “We are not armed and have no plans to pick up arms. But should we decide to go into arms struggle which is not an option on the table; it will not be a secret affair. We won’t depend on arms collected from any security agent to defend Biafra. That is childish and an insult to IPOB.”

About The Author

A writer with a keen interest in human stories and topical issues around the world. [email protected]

Related posts

Leave a Reply

Your email address will not be published. Required fields are marked *