The National Pension Commission (PenCom) said that it had collected N721.12 million from companies who had neglected to pay pension contributions for their employees to the appropriate pension fund administrators (PFAs).
According to the Commission, the sum consists of N721.12 million in principal and N211,46 million in penalties.
The money was collected from 20 delinquent employers during the second quarter of 2022, according to Pencom.
PenCom also indicated in its 2022 second quarter report that seven defaulting employers had been recommended for appropriate legal action after all administrative efforts to bring them into compliance failed.
According to the study, “from the beginning of the
from June 2012 to June 30, 2022, for a total of
Principal contributions total N22,130,695,913.23.”
According to the commission’s report, the total pension payments remitted to individual Retirement Savings Accounts (RSA) were at N238.75 billion at the end of the second quarter of 2022.
The governmental sector gave N136.79 billion (57.29%), while the private sector contributed N101.96 billion (42.71%).
“From commencement until the end of the second quarter of 2022, cumulative pension contributions amounted to N8.01 trillion, an increase from N7.77 trillion at the end of Q1 2022,” PenCom added.
