BY NKECHI NAECHE-ESEZOBOR-The National Pension Commission ( PenCom) has said that the total monthly pension contributions received from contributors from both the public and private sectors was N6.19 trillion as at the end of the Second quarter, (Q2) 2020.
The pension industry regulator stated this in its second quarter 2020 report that an increase of N189.19 billion (representing 3.15% growth) over the total contributions as at the end of the previous quarter.
During the second quarter of 2020, the total contributions received from the public sector amounted to N118.50billion (62.64%) while the private sector contributed N70.69 billion (37.36%).
The report further shows that a review of the aggregate total contribution received shows that N3.13 trillion or 50.58% of the contributions came from the public sector, while the private sector contributed the remaining 49.42% (N3.06 trillion).
On recovered outstanding Pension Contributions and Penalty from Defaulting Employers, the commission said that following the issuance of demand notices to some defaulting employers whose outstanding pension contribution liabilities had been established by the Recovery Agents (RAs), Sixteen (16) of the affected employers remitted the sum of N261,333,630.10 Million representing principal contribution (N152,790,861.64million) and penalty (N108,542,768.46million) during the quarter.
This the commission brought the total recoveries made from inception to 30 June 2020 to N17,519,053,461.59 billion comprising principal contribution of N8,890,148,579.90 billion and penalty of N8,628,904,882.19 billion.
