16 Erring Employers Fined N108.5m For Late Remittance

Sixteen erring employers,  which defaulted in remitting pension contributions  have been fined N108.54 million by the National Pension Commission.

This followed notices issued to some defaulting employers by the Recovery Agents (RAs) appointed by the commission.

According to the commission, the penalty was paid in the Second Quarter of the year.

The money, which represents a fine on principal contributions of employees’ pension, will be paid  into their Retirement Savings Account (RSA).

Besides, the defaulting employers also paid the outstanding pension contribution liabilities of N152.79 million.