The National Pension Commission (PenCom) has revealed that it successfully retrieved a total of N24,533,339,305.09 billion, comprising principal contributions (N12,440,682,240.91) and penalties (N12,092,657,064.18), from employers who had defaulted on remitting pension deductions of their employees into their retirement savings accounts.....KINDLY READ THE FULL STORY HERE▶
This recovery was accomplished during the period from the initiation of the retrieval effort in June 2012 to March 31, 2023.
A detailed breakdown of the figures released by PenCom on Thursday illustrates that N384,280,651.48 million was recuperated from uncooperative employers in the first quarter of 2023….CONTINUE READING
This sum encompasses principal contributions (N193,058,483.56) and penalties (N191,222,167.92) and was reclaimed from 34 employers who had previously defaulted.
The commission made this disclosure during the 2023 journalists’ conference in Abuja, themed “Transforming Service Delivery in the Pension Industry: Strategies for Enhancing Efficiency and Customer Satisfaction.”
In her opening address, the director-general of PenCom, Aisha Dahir-Umar, highlighted that the organization’s proactive regulatory approach has effectively bolstered the supervision and governance of pension funds.
This approach has fostered transparency, accountability, and the safeguarding of pension contributors’ interests.
According to Dahir-Umar, pension assets experienced a rise of N1.77 trillion during the first half of 2023. The total increased from N14.99 trillion in December 2022 to N16.76 trillion by the end of June 2023.
Furthermore, membership within the contributory pension scheme (CPS) has grown by 146,920 new contributors. The number has surged from 9.86 million members at the conclusion of 2022 to exceed 10 million members as of June 2023.
Dahir-Umar stated, “The CPS has ensured that both public and private sector employees can amass retirement savings throughout their professional careers, thus fostering financial security during their retirement years.”
