x

PenCom directs employers to submit employees’ insurance certificate for 2020

The National Pension Commission has directed all employers of labour covered by the Pension Reform Act 2014 to submit copies of their Insurance Certificates with the schedule of benefits to the commission before March 31.

The directive was conveyed in a statement signed by Mr Peter Aghahowa, Head of Corporate Communication of the commission.

Aghahowa said that the directive was in accordance with the provisions of Section 4(5) of the PRA 2014 and Section 5.5 of the Guidelines for Life Insurance Policy for Employees.

He said, “The Insurance Certificates shall state that all employees are covered up to an amount not less than three times their respective Annual Total Emoluments.

“Employers that have not yet submitted copies of insurance certificates for the current year to the commission are therefore advised to do so before March 31, 2020.

“Failing, PenCom would consider such employers in default of Section 4(5) of the Pension Reform Act (PRA) 2014.

The NPC spokesperson reminded all employees in the Federal Government Service, Federal Capital Territory and States that have implemented the Contributory Pension Scheme as well as private sector of their rights to have a Life Insurance policy.

He said, “Please note that employees are also required to ensure that all pension contributions deducted from salaries and or contributed by employers are remitted to the Pension Fund Custodian by the employer.

“This should not be later than seven working days from the date of payment of their salaries,’’ he said.

Aghahowa, however, advised employees to report to the commission where their employers failed to procure the minimum required Life Insurance Policy in their favour.

He said employers were expected to submit the evidence of compliance with Life Insurance Policy to the commission and place the certificate in a conspicuous place within the organisation.

He added that employers are expected to remit the deducted pension contributions into the employees’ Retirement Savings Accounts.

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalist As...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

Group To Tinubu: Sack NNPCL GCEO for Sabotaging National Assets

A civil society organization, the Coalition of Nigerian Patriots...

Televangelist Jimmy Swaggart Dies at 90 Following Cardiac Arrest

Renowned Pentecostal preacher and televangelist Jimmy Swaggart has passed...

[BREAKING] 2027 Coalition: Atiku, Secondus, PDP Heavyweights Hold Strategic Meeting in Abuja

Former Vice President Atiku Abubakar, ex-Senate President David Mark,...

Julius Berger Reaffirms Resilience and Long-Term Value at 2025 Investors Forum

Julius Berger Nigeria Plc, the nation’s leading engineering construction...

FG to Unveil National Intellectual Property Policy in July to Boost Creative Exports

The Federal Government will launch Nigeria’s National Intellectual Property...

How Safe Are Public Swimming Pools?

From tropical parasites to stubborn bacteria, swimmers often share...

Verydarkman offers mouthwatering reward amid justice for Mohbad

Outspoken social media critic, VeryDarkMan, has announced a substantial...

Troops Eliminate Terror Kingpin Yellow Danbokolo in Zamfara

The Defence Headquarters (DHQ) has confirmed that troops of...
spot_img

Related Articles

Popular Categories

spot_imgspot_img