The National Pension Commission, PenCom, is set to penalise employers who fail to remit pension deductions or enrol eligible employees under the Contributory Pension Scheme.
The Director-General, Omolola Oloworaran, disclosed this at a media conference in Abuja, saying the commission has recovered more than 30.6 billion naira in outstanding pension liabilities from defaulting organisations.
Oloworaran while noting PenCom will continue to hold employers accountable, as the commission moves to strengthen compliance across the pension industry, also announced Pension Revolution reform programme focused on expanding pension coverage, improving retirement benefits and protecting pension assets.
The PenCom DG urged young Nigerians to start planning for retirement early, while calling on the media to continue to hold the pension industry accountable.
