HomeNEWS16 erring employers fined N108.5m for late remittance

16 erring employers fined N108.5m for late remittance

Sixteen erring employers,  which defaulted in remitting pension contributions  have been fined N108.54 million by the National Pension Commission

This followed notices issued to some defaulting employers by the Recovery Agents (RAs) appointed by the commission.

 

According to the commission, the penalty was paid in the Second Quarter of the year.

The money, which represents a fine on principal contributions of employees’ pension, will be paid  into their Retirement Savings Account (RSA).

Besides, the defaulting employers also paid the outstanding pension contribution liabilities of N152.79 million.

In total, the affected employers remitted N261.33 representing principal contribution N152.79 and penalty of N108.54 during the quarter. This brought the total recoveries made from inception to June 30, 2020.

The commission urged employers to remit pension contributions within seven days, noting that employers that deduct without remitting the contributions of their employees should desist from the practice.

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