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PENCOM GIVES UPDATE ON PRIVATE SECTOR COMPLIANCE IN SECOND QUARTER 2024

The National Pension Commission (PenCom) has highlighted the compliance level of the private sector on the Contributory Pension Scheme (CPS) in the Second Quarter, 2024.

During the quarter under review, the commission said it recovered outstanding pension contributions and penalties from 35 defaulting employers who failed to remit pension contributions as and when due.

The employers paid N336.255 million comprising principal contributions of N125.57 million and penalties of N210.68 million.

The commission stated that it maintained the services of 25 Recovery Agents (RAs) for the recovery of the unremitted pension contributions and penalties from defaulting employers.

Meanwhile, the commission said its Secretariat/Legal Advisory Services Department had been requested to take legal action against three defaulting employers.

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