Thursday 16 April 2015

PenCom's compliance certificate forces firms to embrace PRA 2014


Chuks Udo Okonta 

The compliance certificate issued by the National Pension Commission (PenCom) to firms interested in bidding government's businesses, seem to have forced private organisations to comply with the Pension Reform Act 2014.

The new pension law which was signed by President Goodluck Jonathan in July last, has been embraced by the private sector and Federal Government agencies, while state governments are awaiting for their Houses of Assembly to incorporate the new rules into their Laws before full implementation.

A publication by PenCom showed that 48 firms which has three or more staff made the list of firms issued compliance certificates to bid government's businesses this year.

The PRA 2014, has made it mandatory for firms with three or more workers to embrace the Contributory Pension Scheme (CPS) by contributing 10 per cent for their workers, while the workers are to contribute eight per cent amounting to 18 per cent.

No comments: