Friday, 20 December 2013

PENCOM TO PROSECUTE EMPLOYERS FOR N10.78bn PENSION DEFAULT

The National Pension Commission has expressed its readiness to begin the prosecution of employers who have refused to remit about N10.78bn pension funds deducted from their workers’ monthly emoluments into Retirement Savings Accounts under the Contributory Pension Scheme.
It said it would carry out the threat if the employers failed to refund the contributions with the accruing interests, which had accumulated as of the first quarter of this year.


According to PenCom, the figure was established by the agents employed by the commission to recover the contributions with interests.

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