73,403 companies subscribe to contributory pension scheme – PenCom


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Chuks Udo Okonta

The National Pension Commission (PenCom) has said 73,403 companies have so far embraced the Contributory Pension Scheme (CPS), and that 43,918 of them have largely complied with the provisions of the Pension Reform Act (PRA).

PenCom noted that about seven million employees working with public/private sector employers have registered with Pension Fund Administrators (PFAs) for the management of their pension contributions.

“The number of companies whose employees have so far registered is 73,403. Of this number, 43,918 employers with more than three employees have largely complied with the provisions of the PRA.

“The remaining 29,485 with less than three employees are mostly the non-compliant organizations. These categories of employers are usually more of portfolio companies and in some cases are companies that had either been liquidated or ceased to exist,” it said.
The Commission posited that the Federal Government is also yet to commence the implementation of the revised 18 per cent minimum pension contributions for its employees as stipulated under Section 4 of the PRA 2014.

It maintained the sum of N79.16 billion has been computed as the arrears of 15 per cent pension increase owed to 79,961 Federal Government retirees under the Contributory Pension Scheme (CPS) as at December, 2014.

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