Employers for both public and private sectors don remit about N692 billion to the retirement savings accounts, according to the National Pension Commission (PenCom).
This significant remittance is a part of the ongoing efforts to ensure that workers have a secure financial future after retirement. PenCom, the regulatory body overseeing the pension sector in Nigeria, has been working tirelessly to enforce compliance with pension laws and regulations.
The pension contributions are crucial for the sustainability of the Contributory Pension Scheme, which was introduced to replace the old defined benefit pension scheme. This new scheme aims to provide a more reliable and efficient way of managing pension funds.
The remittance of such a large amount indicates a high level of compliance among employers and highlights the growing importance of pension planning in Nigeria’s workforce.
