By Chiamaka Ajeamo, [email protected]
Following the issuance of demand notices to defaulting employers whose pension liabilities had been established by the Recovery Agents (RAs), the National Pension Commission (PenCom), has said the sum of N553,03 million representing a principal contribution of N382,46 million and penalties of N170,57 million were recovered from 19 defaulting employers between October and December 2020.
The Commission which disclosed this in its fourth quarter 2020 report, noted that total pension contributions remitted to the Retirement Savings Accounts (RSAs) for the quarter stood at N167.74 billion.
According to the report, out of the above total, the public sector accounted for N86.93 billion representing 51.81 per cent, while the private sector contributed N80.81 billion representing 48.18 per cent.
The report further revealed the cumulative pension contributions received from both the public and private sectors from inception to the end of the fourth quarter of 2020, amounted to N6.70 trillion, up from the N6.54 trillion as at the end of the third quarter 2020, representing a growth of 2.45 per cent.
The report also showed that Pension Fund Administrators (PFAs) registered a total of 68,827 RSAs during the quarter under review, adding that this brought the cumulative RSA registrations from inception to December 31, 2020 to 9,215,788.