Default:PenCom  Fines 25 Employers N446.17m

The National Pension Commission has said it fined 25 employers the sum N446.17m for not remitting the pension funds of their employees

It also recovered N608.55m from the employers who deducted the monthly emoluments of their workers but did not remit to their respective Pension Fund Administrators.

 The agency disclosed these in its first-quarter 2021

 It said:“Following the issuance of demand notices to defaulting employers whose pension liabilities had been established by the Recovery Agents, the sum of N608,554,747.59 representing principal contribution (N162,385,260.05) and penalty (N446,169,487.54) was recovered from 25 defaulting employers during the quarter under review.”

The report said in the first quarter, 25 states of the federation had enacted pension laws on the Contributory Pension Scheme, while seven states were at the bill stage.

It said of the five states operating other pension schemes, four states had adopted the Contributory Defined Benefits Scheme, while one (Yobe State) operated the Defined Benefits Scheme.