Pension: 394 employers remit N2.3bn for 8273 employees in 2019

A total of 394 employers remitted N2.3 billion into the Retirement Savings Accounts (RSAs) of their 8273 employees in 2019.

A notice published by the National Pension Commission revealed that the employers fully complied with the Contributory Pension Scheme (CPS) last year and granted them Pension Compliance Certificates for 2020.

The certificates will enable the employers to bid and solicit for contracts and businesses from Federal Government’s

Ministries, Departments and Agencies (MDAs) in line with the provisions of the Pension Reform Act, 2014 (PRA, 2014).

Analysis of the details of the top compliant employers remitting pension as published by PenCom showed that in 2019, Union Bank Of Nigeria Plc remitted N1.18 billion for the company’s 2365 employees while Silver Ash Ventures Limited remitted N566.70 million for 3733 employees.

Within the same year, Chapel Hill Denham Advisory Limited remitted N156.61 million for 13 employees while Aiico Insurance Plc remitted

N152.47 million employees.

Daily Trust observes that PRA, 2014 mandates suppliers, contractors and consultants bidding for contracts or any business from the Federal Government to show evidence of compliance with Contributory pension with compliance certificate issued by PenCom.

To be qualified for such a certificate, an employer must show evidence of full compliance with CPS, including evidence of remitting pension of employees in the last three years.

for

291