DG PenCom, Mrs Chinelo Anohu-Amazu
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Chuks Udo Okonta
The National Pension Commission (PenCom), in a bid to ensure companies comply with the Pension Reform Act (PRA) 2014, has initiated moves to develop a database of eligible employers in the country.
Inspen learnt that PenCom and the National Bureau for Statistics (NBS) had constituted a Technical Committee for developing a data base of eligible employers which would assist the Commission in its compliance efforts.
It was gathered that the NBS is to assist the Commission to enumerate all private sector employers in the country with a view to identifying all organisations that must comply with the PRA 2014.
According to PenCom, the exercise has not commenced due to budgetary constraint.
The commission also said there are ongoing efforts to collaborate with the Federal Inland Revenue Service (FIRS) and the Internal Revenue Service Departments at the state level to access their database on employers, adding that these agencies have reliable data on employers that would help in expanding its coverage.
According to PenCom, about 7million employees working with public/private sector employers have registered with PFAs for the management of their pension contributions. It noted that the number of companies whose employees have so far registered is 73,403, adding that of this number, 43,918 employers with more than three employees have largely complied with the provisions of the PRA.
PenCom said the remaining 29,485 with less than three employees are mostly the non-compliant organizations, stressing that this category of employers are usually more of portfolio companies and in some cases are companies that had either been liquidated or ceased to exist.