About N24.53 billion worth of unpaid employer pension contributions to employees have been recovered by the National Pension Commission (PenCom).
The revelation was made on Thursday in Lagos at the 2023 Labour Writers Association of Nigeria (LAWAN) Workshop by the Director-General of PenCom, Mrs. Aisha Dahir-Umar.
Abdulqadir Dahiru, Head of Corporate Communications at PenCom, acted as her representative.
The workshop’s theme, according to the News Agency of Nigeria (NAN), was “Securing the Future: The Benefits of the Contributory Pension Scheme to Nigerian Workers.”
According to Dahir-Umar, the money was retrieved between June 2012 and March 31, 2023.
She claims that of the money recovered, N12.44 billion is the genuine pension contribution and N12.09 billion represents the fine.
She said that N384.28 million (comprising N193.06 million in contributions and N191.22 million in penalties) was collected from 34 defaulting employers during the first quarter of 2023.
She claims that PenCom is dedicated to defending the rights of employees and ensuring that businesses make their required pension contribution payments on time.
Dahiru-Umar continued by saying that PenCom was adamant about making sure Nigerian workers received their retirement benefits on time.
According to her, the Contributory Pension Scheme (CPS) membership and pension assets have continued to increase as a result of the commission’s thorough regulation and oversight of the pension industry.
She stated that as of March 31, the value of pension assets was N15.58 trillion, and there were 9.95 million CPS members.
She mentioned that PenCom introduced a policy allowing owners of Retirement funds Accounts (RSA) to use a portion of their retirement funds as mortgage equity in 2022.
According to her, the commission’s continuous efforts to give RSA holders more flexibility and access to pension funds marked a critical turning point with the policy.
“We acknowledge that many people struggle to find suitable accommodation when they retire, and we hope to solve this problem by enabling homeownership by releasing the value of their pension savings.
According to the new policy, RSA account holders who have been making contributions for at least five years and who meet particular eligibility requirements may use up to 25% of their pension funds as an equity contribution when buying homes.
According to her, “this policy is in line with our commitment to making sure that pension funds catalyze economic development and social well-being.”
In addition, Dahiru-Umar said that RSA holders could access 25% of their remaining balance to lessen the impact of losing their jobs if they were unable to find new employment after four months.
She claimed that the purpose of the partial withdrawal from RSA was to provide prompt assistance during a trying time.
She claims that until the RSA holder reaches retirement age, the remaining balance in the RSA will continue to increase and compound.
The director-general exhorted LAWAN members to enter the workshop with an open mind and a dedication to journalism excellence.
She expressed hope that bettering journalists’ knowledge of pensions will enable them to inform the public, debunk myths, and promote a culture of financial preparation and security among Nigerian workers.
“We truly think that an engaged and well-informed media plays a crucial role in promoting information flow and beneficial change in our society.
You have the power to change public opinion and have an impact on policy discussions as authors and journalists.
In order to ensure honest and thorough reporting on pension-related issues, which are crucial to the present and future of Nigerian employees, she stated, “we must work together.” (NAN)
