4. What is the penalty on a non-compliant employer that fails to remit deductions as stipulated by the PRA 2014? – PensionNigeria

4. What is the penalty on a non-compliant employer that fails to remit deductions as stipulated by the PRA 2014?

Such an employer has committed an offence and is liable to a fine of not more than N250,000.00 or to imprisonment for a term not exceeding one year or to both fine and imprisonment.

Note: The above applies where no penalty is prescribed and it is in addition to making the remittance already due plus 2% interest per month payable into the employees’ Retirement Savings Accounts (RSA)

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