Share

PenCom Launches Automated Penalty System for Defaulters

The National Pension Commission (PenCom) is implementing an automated system to calculate and enforce penalties against employers who fail to remit pension contributions. Director-General Omolola Oloworaran announced the move in Abuja, stating that defaulting employers will be denied pension compliance certificates until all outstanding funds and penalties are settled. This initiative builds on previous enforcement efforts that have already led to the recovery of N36.6 billion in unremitted contributions. PenCom reiterated that failing to transfer employee deductions to Retirement Savings Accounts constitutes a serious violation of the Pension Reform Act.

Share

guest
0 Comments
Oldest
Newest Most Voted

Reach us.

Have a question, idea or inquiry? We’d love to hear from you.