BY NKECHI NAECHE-ESEZOBOR-– The National Pension Commission (PenCom) said it recovered N1.164 billion from employers who failed to remit pension contributions by their employees to respective pension fund administrators (PFAs) in the third quarter (Q3) of 2022.
PenCom, stated this in its third quarter report that the amount comprises of principal contribution of N959 million and N205 million penalty, adding that the sum was recovered from 29 defaulting employers during the quarter under review.
Meanwhile, the 19 defaulting
employers have been recommended for appropriate legal action, after all administrative, the commission noted .
Speaking further on the recovery exercise, the commission said ” At the commencement of the recovery exercise in June 2012 to 30 September 2022, a total of N23,295 billion comprising of principal contributions of N12,399billion and penalties of N10,895 billion was recovered from defaulting employers.
On status of Implementation of the CPS and other schemes, the commission said in third quarter of 2022 only 25 States have enacted laws on the CPS while Seven States were at bill stage.
The report further explained that Bauchi State Government enacted its Law on the CPS in August 2022 while Five States had enacted Laws on the Contributory Defined Benefits
Scheme (CDBS) with two out of five States currently implementing the scheme.
It added that Gombe, Zamfara and Adamawa States are yet to commence implementation.