The National Pension Commission (PenCom) has sanctioned defaulting companies N12.09 billion in monetary fines, LEADERSHIP learnt. This is aside from the N12.440 billion principal contributions recouped, making a total payment of N24.5 billion by employers who failed to remit the pension contributions of their workers as and when due. The penalty payment was for an infraction committed between June 2012 to 31 March 2023. In a 2023 first quarter report of the pension industry by PenCom, it disclosed that its recovery agents swung into action following reports against the concerned companies before it was able to recoup the N24.5 billion, inclusive of penalty fees. The recovered fund, according to the regulatory body, has, however, been moved to Pension Fund Administrators (PFAs) and remitted to the Retirement Savings Account (RSA) of the concerned contributors. In the third quarter period, it disclosed that demand notices were issued to defaulting employers whose pension liabilities were established by the Recovery Agents. However, during the first quarter of the current year, the sum of N384.2 million comprised principal contributions of N193.059 million and penalties of N191. 222 million was recovered from 34 defaulting employers.
Leadership