The National Pension Commission has announced it has issued clearance certificates to 25,654 companies in Nigeria. With the clearance, the organizations can now bid for contracts in Ministries, Departments and Agencies for 2022.
The list was posted on the PenCom website titled ‘schedule of employers issued with certificate of compliance with provisions of the PRA 2014 as at 20 June, 2022’ was obtained by Legit.ng.
According to the National Pension Act’s laws, a company must have passed the minimum requirement of opening a pension account and life insurance cover for a company to qualify for the certificate.
It stated that companies with no insurance coverage for their workers will not be allowed to do any government business. PenCom believes that with the regulation, companies would ensure that there is appropriate pension accounts for their workers.
Penalty for not paying workers pension Section 11 (6) of the Pension Act 2014 states that any employer who fails to remit the contributions within the time prescribed shall, in addition to making the remittance already due, be liable to a penalty to be stipulated by the commission. The penalty, according to the pension law, will not be less than 2 per cent of the total contribution that remains unpaid for each month or part of each month that the default continues, and the amount of the penalty will be recoverable as a debt owing to the employee’s retirement savings account as the case may be.
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