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Employers’ll pay 2% penalty fee on pension contribution default

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Wsj
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Employers’ll pay 2% penalty fee on pension contribution default

Unread postby Wsj » Wed Jun 08, 2016 7:10 am

Employers will pay two per cent penalty on non-remittance of the contribution as and when due, Director-General, National Pension Commission has said.

The DG who made this known while speaking in Abuja, said this is in accordance to Section 11(6) & (7) and Section 24(d) of the Pension Reform Act (PRA), 2014.

She said: “Non-remittance of the contribution as and when due attracts penalty to be stipulated by the Commission as enshrined under Section 11(6)&(7) and Section 24(d) of the PRA 2014.

“The penalty shall not be less than two per cent of the unpaid contribution and is recoverable as a debt. Specifically, the Act made the remittance of contributions of employees of the Federal Government as a charge on the Consolidated Revenue Fund of the Federation with a mandate on the Accountant General of the Federation to make the appropriate deductions.”

She stressed that Section 18(a) of the PRA, 2014 gives the Commission the power to enforce and administer the provisions of the Act.

“This statutory provision also empowers the Commission to co-ordinate and enforce all other laws on pension and retirement benefits while ensuring the effective administration of pension matters.

“The functions of the Commission under Section 23 of the PRA 2014 include the maintenance of data bank on pension matters and investigation and mitigation of complaints. Section 24(g) thereof further gives the Commission the powers to impose administrative or civil sanctions or fines on erring employers or operators.

“The PRA also confer the right to request information from any employer on the pension matters. The combined effect of these sections grants the Commission powers to ensure compliance with the PRA under which the CPS was established”, she said.

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vanhealn
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Re: Employers’ll pay 2% penalty fee on pension contribution default

Unread postby vanhealn » Sat Sep 29, 2018 4:22 am

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vanhealn
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Re: Employers’ll pay 2% penalty fee on pension contribution default

Unread postby vanhealn » Mon Feb 11, 2019 7:11 pm

vanhealn
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Re: Employers’ll pay 2% penalty fee on pension contribution default

Unread postby vanhealn » Mon Feb 11, 2019 7:14 pm

vanhealn
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Re: Employers’ll pay 2% penalty fee on pension contribution default

Unread postby vanhealn » Mon Feb 11, 2019 7:15 pm

DerikSi
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