The National Pension Commission (PenCom) has in line with Section 11, subsection seven of the Pension Reform Act, 2014 (PRA, 2014), recovered a total of N17.05 billion as outstanding pension contributions from defaulting employers in the last eight years.
Data sourced from the apex pension regulator in Nigeria website, showed that the recoveries were made from 655 defaulting employers from July, 2012 to January, 2020.
The total amount recovered from the pension employers’ defaulters comprised both the principal contributions, which the employers failed to remit as and when due, and penalty for default as against Section 11, subsection seven of the Pension Reform Act, 2014 (PRA, 2014) provided that both the principle contribution and penalties should be remitted into the respective employees’ Retirement Savings Accounts (RSAs) by the employers.
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