According to the provisions of Pension Reform Act 2014, minimum of 8% of your monthly emolument goes to pension while your employer is also required to contribute minimum of 10% of your monthly emolument to your pension. I.e, if your total monthly emolument is N100,000 the pension that will be deducted from your monthly emolument will be N8000 while your employer will bring N10,000. Monthly emoluments means total emoluments as may be defined in the employee’s contract of employment but shall not be less than the total sum of basic salary, housing allowance and transport allowance.
- 2. How does my Pension Contribution gets into my RSA
- 9. What happens to an employee of a Treasury Funded MDA whose pension contribution is not being remitted to his/her RSA?