PenCom would mandate such employer to make the remittance already due, in addition to paying penalty, which would be at least 2% of the total unpaid contributions. Both the outstanding contribution and penalty would be paid into the employees’ RSAs.
- 13. What is the purpose of the penalty imposed on the employer for failing to deduct and remit pension contributions as and when due?
- 11. Who deducts and remits pension contributions?