{"id":195274,"date":"2022-06-11T06:31:21","date_gmt":"2022-06-11T05:31:21","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=195274"},"modified":"2022-06-11T06:31:21","modified_gmt":"2022-06-11T05:31:21","slug":"pencom-only-10541-firms-have-pension-insurance-cover-for-workers","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/06\/11\/pencom-only-10541-firms-have-pension-insurance-cover-for-workers\/","title":{"rendered":"PenCom: Only 10,541 firms have pension, insurance cover for workers"},"content":{"rendered":"<p>The National Pension Commission has disclosed that only 10,541 firms have complied with the\u00a0country\u2019s statutory laws on compliance with pension and insurance covers and have been cleared to do business with the government.<\/p>\n<p>This was disclosed by PenCom\u00a0in its quarterly report on \u2018Issuance of Pension Clearance Certificates.\u2019<\/p>\n<p>The commission said the certificates given to them cleared them to do business with Federal Government agencies.<\/p>\n<p>It stated that, \u201cThe commission received 11,200 applications from private sector organisations for the issuance of <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/06\/08\/pencom-weve-recovered-n422m-from-employers-who-defaulted-on-pension-remittance\/\">Pension<\/a> Clearance Certificates. Out of this number, PCCs were issued to 10,541 organisations, while 659 applications were in the approval process as at 31 March 2022.<\/p>\n<p>\u201cThe records showed that the 10,541 organisations had remitted a total sum of N59,39bn into the Retirement Savings Accounts of their employees.\u201d<\/p>\n<p>The commission in a circular to the general public, suppliers, contractors or consultant bidding or seeking contract or business from any Federal Government ministries, departments and agencies, said they must fully comply with the provisions of the Pension Reform Act 2014.<\/p>\n<p>As a result, the regulatory agency said the commission had issued annual Pension Clearance Certificates to eligible organisations.<\/p>\n<p>The commission said the firms must provide evidence of remittance of monthly pension contributions for all employees.<\/p>\n<p>It said that they must provide evidence of group life insurance policy for employees, specifying the number of lives and sum assumed.<\/p>\n<p>In the directive, the commission stated that in accordance with the provisions of Section 4(5) of the 2014 and Section 5.5 of the guidelines for life insurance policy for employees, employers of labour covered by the PRA 2014 were required to submit copies of the insurance certificates with the schedule of benefits to the commission.<\/p>\n<p>According to the commission, total assets under the Contributory Pension Scheme stood at N13.88tn in March.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The National Pension Commission has disclosed that only 10,541 firms have complied with the\u00a0country\u2019s statutory laws on compliance with pension and insurance covers and have been cleared to do business with the government. This was disclosed by PenCom\u00a0in its quarterly report on \u2018Issuance of Pension Clearance Certificates.\u2019 The commission said the certificates given to them [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":195276,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[39722,39724,22091,39723,20986],"class_list":["post-195274","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-10541-firms","tag-fg-agencies","tag-insurance","tag-issuance-of-pension-clearance-certificates","tag-pencom"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>PenCom: Only 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