By Bisi Bamishe
The National Pension Commission (PenCom) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) have signed a Memorandum of Understanding (MoU) to recover unremitted pension contributions from defaulting employers in Nigeria. The partnership aims to enforce the Pension Reform Act 2014 that requires employers to remit pension contributions for their employees monthly. The initiative is aimed at non-compliant employers especially in the private sector.
It is noteworthy that the recovered unremitted pension contributions would be paid directly to the Retirement Savings Accounts of the affected employees.
