News Africa27 Jan 2020

Nigeria:Pension regulator tightens enforcement of group life insurance requirement

27 Jan 2020

Employers who fail to procure the minimum required life insurance coverage for their workers may soon be sanctioned by the National Pension Commission (PenCom).

The pension regulator has directed employees to report any employer that fails in this regard, that is, if life insurance coverage is less than three times an employee's annual total emolument, according to local media reports.

Also facing penalties would be entities that fail to remit the deducted pension contributions into Retirement Savings Accounts (RSAs) or funds contributed by employers to the Pension Fund Custodian (PFC) by the employer within seven working days from the date of payment of employees' salaries, says PenCom in a notice.

In addition, the regulator wants employers that have not yet submitted copies of insurance certificates, with the schedule of benefits for their employees, for the current year to the Commission to do so before 31 March 2020, failing which they would be found to have violated the law.


 


 

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