Employers who fail to submit full employee remittance documents by December 31, 2023, will face penalties, according to the National Pension Commission.
On Wednesday, PenCom distributed a paper to affected businesses and their employees in which the company made this disclosure.
The Commission requested that, by December 31, 2023, any companies whose employees’ remittance paperwork was incomplete contact their respective Pension Fund Administrators (PFAs) to rectify the situation.
According to what was reported to BANKPAWA, this was said to affect over 100,000 workers.
Employers that fail to comply with this order by the deadline of December 31, 2023, will be subject to regulatory action by the Commission in accordance with the terms of the Public Relations Act of 2014.