24,516 employers get insurance, pension for workers, says PenCom

No fewer than 24,516 employers got pension and insurance covers for their workers as of the end August 2023, according to the National Pension Commission.

Figures obtained by The PUNCH from PenCom on ‘Schedule of employers issued with certificate of compliance with provisions of the PRA 2014 as at 14 August 2023’, showed on Sunday.

The employers got the plans for their workers from January 2023 to August 14, 2023.

They were issued compliance certificates that enabled them to do business with the Federal Government from the beginning of 2023 till end of December 2023.

PenCom in its compliance guidelines for life insurance policy for employees and submission of insurance certificate issued to employers stated that companies that had no insurance covers for their workers would no longer be allowed to do any government business.

It noted that the regulations would be in addition to ensuring that the companies had appropriate pension accounts for the workers.

PenCom’s directive on issuance of certificate of compliance with the provisions of the Pension Reform Act 2014 to the general public, suppliers, contractors or consultants bidding or soliciting for contract or business from any Federal Government ministries, departments and agencies stated that employers must fully comply with the provisions of the law.

It said, “In that regard, the commission issues annual Pension Clearance Certificate to eligible organisations.

“The MDAs are reminded to ensure that only Pension Clearance Certificates issued by the commission are accepted as evidence of compliance with the Pension Reform Act 2014.”