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The National Pension Commission has stated that any employer not remitting pension contributions or does not have a Group Life Insurance policy should be reported to the Pension Commission.
This was announced in a statement by the National Pension Commission this week.
The statement said any citizen can report anonymously to the Commission, through a letter of complaint stating the name and address of the employer and also the months outstanding, which would enable PenCom recovery agents go after the employer.
PenCom also urged all employees working in organizations that have implemented the Contributory Pension Scheme, that it is their right under Section 4(5) of the PRA 2014 to have Life Insurance Policy taken on their behalf by their employers for an insured amount of no less than 3 times their annual emolument.
Recall that PenCom had earlier announced that effective from March 2020, companies, with no insurance covers for their staff, would no longer be allowed to do any government business.
According to PenCom’s annual report on the submission of group life insurance certificates for the year 2018, only 172 employers obtained the group life insurance policy for a total of 39,946 employees in compliance with the Pension Reform Act 2014.
It noted that the deadline was issued because of the low number of companies that have insurance covers for their staff. PenCom noted that the new regulation was to ensure that the companies open appropriate pension accounts for the workers.
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