Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

PenCom threatens companies with no insurance covers for staff, issues March deadline

Chidinma Nwagbara by Chidinma Nwagbara
February 10, 2020
in Business News
PFAs make N1.69 trillion ROI , Pension Contributions in Nigeria rose by N169.9 billion in 3-month , PenCom calls for thorough scrutiny of dead RSA holders’ benefits, PenCom discontinues Employee Death Benefit Account  , PFAs boost investment in infrastructure by N17.77 billion in one year , Pension: Low RSA balances - a subtly growing concern, PENCOM boss queried for spending unapproved funds, N5 billion on 360 staff in 8-month , How negative performance in the capital market affected PFAs in 2019, PenCom seeks pension bonds to clear N400 billion arrears as retirees groan, PenCom set to offer pension bonds to offset unpaid pension arrears, Is the pension asset just another cookie jar?, PenCom threatens companies with no insurance covers for their staff , PENCOM Notifies RSA holders on the mandatory data recapture exercise
Share on FacebookShare on TwitterShare on Linkedin

The National Pension Commission (PenCom) has announced that effective from March 2020, companies, with no insurance covers for their staff, would no longer be allowed to do any government business.

PenCom disclosed this in its recently issued compliance guidelines on Life Insurance Policy for employees and submission of insurance certificate for 2020.

How to manage your life insurance policy

RelatedPosts

PenCom issues over 10,000 Pension Compliance Certificates to organizations in Q1 2022

PenCom says 93,114 Retirement Savings Accounts registered by PFAs in Q1 2022

It noted that the deadline was issued because of the low number of companies that have insurance covers for their staff. PenCom noted that the new regulation was to ensure that the companies open appropriate pension accounts for the workers.

According to the PenCom’s latest annual report on the submission of group life insurance certificates for the year 2018, only 172 employers obtained the group life insurance policy for a total of 39,946 employees in compliance with the Pension Reform Act 2014.

News continues after this ad


“In compliance with the PRA 2014, a total of 172 employers of labour covered under the Contributory Pension Scheme submitted their certificates of group life insurance policy covering over 39,946 employees in the year under review.

“A breakdown of the 172 GLIPs submitted showed that 168 employers were from the private sector while the others were from self-funded FGN agencies,” the report seen by Nairametrics read in part.

[READ MORE: PenCom to offer bonds, offset arrears)

News continues after this ad


Why this matters: In line with PenCom’s directive as stipulated in the Pension Reform Act 2014, companies that do not have insurance certificates would not be allowed to bid or solicit for contract or business from any Federal Government ministries, departments and agencies.

“In that regard, the commission issues annual pension clearance certificate to eligibility organisations. The MDAs are reminded to ensure that only pension clearance certificates issued by the commission are accepted as evidence of compliance with the PRA 2014.”

Included in the new directive, PenCom stated, “In accordance with the provisions of Section 4(5) of the  2014 and Section 5.5 of the guidelines for life insurance policy for employees, employers of labour covered by the PRA 2014 are required to submit copies of the insurance certificates with the schedule of benefits to the National Pension Commission.”

Related

Tags: National Pension CommissionpencomPension Reform Act 2014

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • 24 Hours Power Supply: Ikeja Electric Sign Tripartite Agreement with Enaro Energy and Ayobo Community
    • Seplat debunks alleged impropriety in securing ministerial consent to acquire Mobil Nigeria
    • Oando Holds Successful 43rd AGM: All Resolutions Passed

    Follow us on social media:

    Recent News

    24 Hours Power Supply: Ikeja Electric Sign Tripartite Agreement with Enaro Energy and Ayobo Community

    24 Hours Power Supply: Ikeja Electric Sign Tripartite Agreement with Enaro Energy and Ayobo Community

    August 10, 2022
    Seplat Energy Chief Executive Officer, Seplat Energy Plc, Roger Brown

    Seplat debunks alleged impropriety in securing ministerial consent to acquire Mobil Nigeria

    August 10, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com