Author Topic: ‘Unremitted Pension High In Private Sector’  (Read 374 times)

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‘Unremitted Pension High In Private Sector’
« on: August 24, 2016, 11:49:17 AM »
The Regional Manager, Trustfund Pensions, Obafemi Arobadi, has said that instances of pension deductions from workers’ salaries without remittance to their respective pension fund administrators are high in the private sector.

Speaking to journalists at the employers’ forum organised by the company in Lagos, he explained that poor corporate governance and nonchalant attitude of some employers had been discovered to be majorly responsible for such practices.

According to him, the forum is a platform to address these issues and remind employers of their obligations towards their employees with regard to their contribution and timely remittance.

He said, “Some of the challenges we have found out over the years have to do with corporate governance.


 
 “There are situations where we also found out that it is just like a bias towards the scheme. The employers just feel paying the contribution is another overhead for them.”

This unwillingness of employers, according to Arobadi, is often reported to the National Pension Commission recovery agents that have been assigned to investigate the information that had been given to them by either the PFA or the employees.

On the other hand, he said the poor economy was responsible for some employers not complying with the stipulations of the pension law on remittance.

He said, “The employer could be going through a bad phase in terms of having economic challenges. We have seen cases like that, and we have seen cases where they pulled through and they came back to clear the outstanding they have. We have had cases where employers just deduct and they don’t remit. We have that a lot within the private sector.”

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‘Unremitted Pension High In Private Sector’
« on: August 24, 2016, 11:49:17 AM »

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