We‘re not folding our arms over non-remittance of pension funds, says PenCom

ONE of the major challenges threatening the Contributory Pension Scheme, CPS, introduced in 2005 following the Pension Reforms, PRA, 2004, is non-remittance of deducted contributions by employers.

Speaking to Vanguard, Secretary/Legal Adviser, National Pension Commission, PenCom, Mr Muhammed Sani Muhammed, gave insight into how the commission is addressing the issue.

“This goes to the heart of actually what we do at PenCom. Pension contribution is supposed to be remitted to the retirement savings account of the employees at least seven days after payment of salary.

“There are situations where you have employers that don’t do that, but the law says if any employer does not do that, such an employer is liable to pay the un-remitted deduction as well as pay some interests on it”.

Vanguard, May 23, 2018

RipplesNigeria… without borders, without fears

Click here to join the Ripples Nigeria WhatsApp group for latest updates.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now