Only 24,084 employers have a pension, insurance for workers – PenCom

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As of the end of September 23, only 24,084 employers had retirement accounts and insurance coverage for their employees, the National Pensions Commission said.

PenCom stated this in its report titled “List of employers issued with certificates of compliance with the provisions of the PRA 2014 as of September 23, 2021”.

The certificates issued to employers allowed them to do business with the federal government and expire on December 31, 2021.

This was to comply with the laws of the National Pension Act which stipulated that employers with three or more employees must have retirement accounts and life insurance coverage for their employees.

PenCom said it has received requests from private sector organizations for the issuance of retirement authorization certificates.

He added that approval was given to organizations that paid pensions into their employees’ retirement savings accounts.

PenCom, in its compliance guidelines for the life insurance policy for employees and the presentation of the certificate of insurance issued to employers, said companies that did not have insurance coverage for their workers would not be no longer allowed to do business with the government.

He noted that regulation would come in addition to ensuring that companies have appropriate retirement accounts for workers.

PenCom’s directive on issuing a certificate of compliance with the provisions of the Pension Reform Act 2014 to the general public, suppliers, contractors or consultants tendering or soliciting contracts or business from any ministry, federal government department and agency said employers must fully comply with the provisions of the law.

He said: “In this regard, the commission issues an annual retirement authorization certificate to eligible organizations.

“MDAs are reminded to ensure that only certificates of authorization for retirement issued by the commission are accepted as proof of compliance with the 2014 law on pension reform. ”

In the directive, PenCom stated that in accordance with the provisions of section 4 (5) of the 2014 and section 5.5 of the guidelines for the life insurance policy for employees, employers of labor covered by the PRA 2014 were required to submit copies of insurance certificates with the schedule of benefits to the commission.

Plan contributors totaled 9,265,141 during the same period.

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