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Erring employers to pay fines for failure to remit contributions

16 May 2014, 12:28

Lagos - Employers and companies that fail to remit employees pension contributions to the Pension Fund Administrator (PFA) would henceforth be charged a monthly penalty of three percent as punishment for committing such offence.

Such erring companies would pay two percent charge to the Retirement Savings Account (RSA) holders and one percent to the National Pension Commission (PenCom), reports New Telegraph.

A company is liable to pay the fine if it fails to remit its employees pension contributions two weeks after each month’s salaries are paid to its workers.

Similarly, employers are expected to give true information about the status of their employees. Failure to do so makes such companies liable to a fine of N200 000 for every false or misleading information.  

Read more at New Telegraph.

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