PenCom Recovers N6.73 billion Pension Contributions

Yemisi Izuora

The National Pension Commission (PenCom) has recovered N6.73 billion which consisted of outstanding contributions as well as penalties.

The recovery was made during the first quarter of the year.

Giving a break down, the agency said during the period the sum of N540.94 million representing principal contributions of N145.85 million and penalty of N395.09 million was recovered.

This it said brought the total recoveries made to date to N6.73 billion.

In effort to encourage the informal sector participation in the Contributory Pension Scheme (CPS), during same period, the Commission developed and distributed the Framework for the informal sector participation in the CPS to all stakeholders for comments.

The inputs from various stakeholders have also been collated and subsequently incorporated into the Framework.

The Commission has further commenced work on the Guidelines and other modalities that would facilitate the participation of the informal sector in the Scheme.

PenCom also said that as at the end of the first quarter, 2015, 26 State Governments had enacted laws on the CPS, while the remaining 10 were at the Bills stage.

Add Comment