Pension allowances are compulsory payments every employer must pay to the unique accounts of their employees according to the pension stipulations
The House of Representatives made known on Tuesday, February 17, 2016 that many employers were not showing compliance to the Pension Reform Act, 2004, by failing to pay monthly deductions of their workers’ salaries into the Retirement Saving Accounts kept with the Pension Fund Administrators.
In a majority voice vote, members asked the House Committee on Pensions to investigate the matter and produce a report.
A resolution was passed after a Peoples Democratic Party lawmaker from Edo State, Mr. Joseph Edionywele, bringing the attention of his colleagues to complaints made by workers concerning the non payment of their pension benefits into their RSA accounts.
He said, “Non-remittance by organisations will not only jeopardise the smooth and successful operation of the scheme, but also lead to the suffering of pensioners.
“We should investigate and list the defaulters and sanction them, even in the private sector.”
Pension allowances are compulsory payments every employer must pay to the unique accounts of their employees according to the pension stipulations.