The National Pension Commission (PenCom) has said it recovered N608.55m from defaulting employers who deducted their workers monthly emoluments but failed to remit to their Retirement Savings Accounts with their respective pension fund administrators.
Out of this amount, the principal contribution of the workers was N162.3 million, while penalties of N446.17 million were recovered after a demand notice.
PenCom stated this in its first-quarter 2021 report obtained by Ripples Nigeria on Wednesday.
Part of the report reads, “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 also showed from January to March 2021, PenCom received a total of 14,741 applications from private sector organisations for the issuance of pension clearance certificates (PCCs).
Out of this number, PCCs were issued to 9,299 organizations while 5,442 applications were being processed.
According to the commission, 9,299 organisations that were issued certificates remitted the sum of N41.9 billion into the RSAs of 163,286 employees.
